Tuesday 24 May 2022 | 00:00 | SYDNEY
Tuesday 24 May 2022 | 00:00 | SYDNEY

Engagement with Asia pays off


Andrew Carr


11 August 2011 08:53

Further to Stephen Grenville's excellent piece on the strength of Australia's markets, here is your re-assuring chart of the day: Australia's major goods and services markets in 2010. Exports on left, imports on right:

When it comes to merchandise trade (goods, not services), East Asia is responsible for 69% of our exports (and 50% of imports), with Europe (8% exports, 20% imports) and the Americas (6% exports, 15% imports) far back. See Mark Thirlwell's paper 'Australia in the Asian Century' for a more comprehensive examination.

Of course a double-dip in the US or failure of a periphery country in the EU (such as Italy) will bring financial pain to Australia. But, as much as we have emotional and cultural ties to the US and the EU, our economy (and some of our political class) have embraced the Asian Century. And not a moment too soon, it seems.