Globalization Australia

Question: Discuss about the Globalization Australia. Answer: There is no doubt that globalization has been impressive for both developed and developing nations anticipating to trade internationally. The term globalization comprises of the key major terms that include economic, political and social. This paper focuses only on the economic aspect of globalization. Through computer technology, transportation and communication world has turned into a global village where different business entities can trade with each other with ease. Multinational corporations can manufacture products in many different nations and sell them to customers in different parts of the globe. The purpose of this paper is to discuss what Australia trades in the global markets and whom does it trade with. However, before exploring Australian international trade, this paper finds it important to define globalization. Globalization is the process by which businesses develops international influence and extent its operation within the international scope. Australian composition of trade indicates that businesses in Australia have expanded their trade, created more jobs and contributed to the countrys economic growth. Australian composition of trade can be categorized into two classes that are goods and services for export as well as goods and services imported. The highly exported Australian goods and services include natural gas, gold, educationally related travel services, coal and iron ore and concentrate. On the other side, the top five Australian imported goods and services include telecom equipment and parts, individual travel services, passenger motor vehicle, refined petroleum and freight services (Australian Department of Foreign Affairs and Trade, 2017). The above mentioned goods and services forms large part of the exports and imports that form the composition of the Australian tradez Australian international trade is based on two perspectives that are two-way trade partners and one-way trade partners (Kimmorley, 2016). However, two-way trade partners are the major Australian business partners. Some of the top ten two-way Australian trade partners includes; China: Major Australian exports to China includes gold, core, and iron ore. Japan: Australia export beef, iron ore, and beef to Japan. The United States: Australia exports alcoholic beverages, spacecraft parts and aircraft, and beef. Korea: Australia exports crude petroleum, coal and iron ore. Singapore: Major Australian exports comprises gold, refined petroleum and crude petroleum. Germany: The exports includes oleaginous fruits, oilseeds, precious metal ores (except gold) legal tender coin and gold coin Malaysia: Major exports are nickel, copper and crude petroleum. Thailand: Australia exports aluminum, crude petroleum, and gold. United Kingdom: Australia exports are coal, lead, and gold. New Zealand: Medicaments, passenger motor vehicles, computers accessories and parts forms the Australian major exports. Apart from the above top ten listed Australian two-way trade partners others omitted have been illustrated in the analysis of key trade partners for the period of five years as highlighted in the table below. Source: https://www.businessinsider.com.au/ This paper concludes that Australian major trading partners are two-way partners. Australia exports and imports goods and services to those countries. Further, the findings show that global influence among the Australian businesses is very high. This has positively contributed to countys gross domestic product. Alternatively, it has made it easier for the Australian corporations to produce goods and services domestically and sell them to customers in different parts of the globe. References Australian Department of Foerign Affairs and Trade. (2017). Composition of Trade Australia 2015-16. Melbourne: Australian Government. Kimmorley, S. (2016, August 6). Here Are Australia's Top 10 Two-Way Trading Partners. Retrieved from Business Insider Australia: https://www.businessinsider.com.au/here-are-australias-top-10-two-way-trading-partners-2014-8#china Scutt, D. (2016, May 7). These were Australia's top trading partners in 2015. Retrieved from Business Insider Australia: https://www.businessinsider.com.au/table-these-were-australias-top-trading-partners-in-2015-2016-5