Australia recorded its largest financial year trade surplus in 2019-20, off the back of booming goods exports, according to new data released today from the Australian Bureau of Statistics.
Global Trade Updates
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- As green shoots emerge of a cautious return to normal (or what will become the new normal) post Covid-19, it is likely that governments will begin
to embark upon a process of self-reflection.
- Firstly, in an effort to quantify the damage caused by the pandemic and devise an appropriate response
Secondly, to identify the weaknesses in their response and find solutions to offer resilience in the face of future events.
- Australian traders experienced a blow as a result of authorities’ efforts to control the spread of Covid-19
- Suppliers shutting down operations, at least temporarily
Deliveries constrained due to transport and border restrictions
- Buyers withholding purchases.
The global trading landscape is shifting dramatically. Previously disregarded potential crises are now all too real. To succeed beyond Covid-19 and future catastrophes, Australian traders will need to take account of the risks seriously and make operational changes that allow them to adapt to short-term disruptions and stay competitive in the longer-term.
South Australia’s space credentials have attracted Japanese robotics software company, SE4 to Lot Fourteen as the latest company to move into the Defence and Space Landing Pad. The company also received funding under the South Australian Landing Pad program.
Australia Awards Women Trading Globally participant exports traditional Filipino hot chocolate to Australia
Mary Grace Belviz of Rosarios Delicacies, a chocolatier and durian grower based in Davao City, Philippines, was selected to participate during May to June 2019 in the Australia Awards Women Trading Globally program, funded by the Department of Foreign Affairs and Trade. This cohort included 15 female entrepreneurs from South East Asia and Mongolia who visited Brisbane and Sydney to undertake training to develop their export readiness skills.
In line with the Government’s recent announcement of an additional $241.9 million, The International Freight Assistance Mechanism (IFAM) will continue
to support airfreight capacity in and out of Australia.
In a win for our wine exporters, Australia has today reached an agreement with Canada to remove unfair restrictions on Australian wine sales imposed by the Canadian federal government and in the provinces of Ontario and Nova Scotia.
The COVID-19 crisis has led the ECA to embrace a multilayer strategy aimed at building capacities for response, resilience and recovery particularly geared to provide support to our members, SME exporters and the broader trade community.
2019 Women Trading Globally participant featured by UN Women Asia and the Pacific for leadership during COVID-19
Sahar Iqbal graduated in English Literature from a renowned College (Kinnaird College for Women) in Pakistan. Previously a journalist, now an agriculturist by heart and soul, she aims to motivate more females to come out of their houses and work in the agriculture sector. In the year 2014, she got married into a culture which had and still has zero tolerance for a woman coming out of her four walls and taking the lead in the field.
In the Australian context, some of the measures adopted by our Federal and State governments and their agencies are summarised below. The general intent has been to “keep the borders open” but we are now at a stage of planning what additional measures may need to be adopted to assist the recovery of the international supply chain and the position of Australian exporters and importers.
Six years after Australia gained market access for table grapes to Japan and South Korea in 2014 (after many years of negotiation by the Australian Government, supported by industry and state government partners) – and amidst possibly the most difficult economic conditions in decades – Australian grapes growers and exporters are enjoying bumper sales to both Japan and South Korea.
It seems COVID-19 restrictions worldwide resulted in a new cycle of eCommerce adoption; it was only a matter of time, really. The recent upheaval of the Australian economy, local and global supply chain disruption, and currency volatility have accelerated a new digital wave.
Export Council of Australia Partner with Gandhi Creations to Create New Opportunities to Position Australian Businesses on a Global Context
Across several national projects and initiatives, the Export Council of Australia (ECA) will be partnering with NSW based multi-award-winning social enterprise, Gandhi Creations, to further enhance bilateral trade relationships between Australia and nations across the globe.
When aerospace technology company HeliMods was commissioned to deliver essential assets while the country is experiencing a pandemic, extreme measures had to be taken. Based in Caloundra in regional Queensland, Helimods’ international market consists mostly of US and European clients with teams deployed globally to service demand.
There are encouraging signs that Asia will lead the global economic revival. Decisive measures to control the pandemic have resulted in lower infection rates in Asian countries relative to other parts of the world, supporting policymakers’ ability to reopen their economies sooner.
The United Nations General Assembly adopted a resolution recognizing the crucial role of Micro-Small and Medium-Sized Enterprises (MSMEs) play in achieving the 2030 Agenda for Sustainable Development. Resolution (A/71/L.60) designates June 27 as “Micro-Small and Medium-Sized Enterprises Day.”
Supporting jobs is critical to help economies rebuild post-COVID-19. This new report in by WWF Australia and EY, supported by HSBC finds that an AUD2 billion (USD1.4 billion) renewable stimulus package would unlock over 100,000 jobs, generating nearly three times as many jobs than investment in fossil fuel projects, and unlocking AUD9.3 billion (USD6.5 billion) in investments.
Department of Agriculture announcements and updates on issues concerning the export agricultural products from Australia.
In 2019, Chayaa Nanjappa, Founder of Nectar Fresh, was selected to participate in the Australia Awards Women Trading Globally Program held in Melbourne and Sydney for two weeks. Supported by the Department of Foreign Affairs and Trade, the program included a range of engaging sessions on export readiness, discussions with female business leaders, and site visits with Australian exporters.
The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) formally enters into force on 5 July 2020 and will open new opportunities for Australian and Indonesian businesses, primary producers, service providers and investors.
The global economy has changed, and so too have some of the key drivers impacting currency markets.
We are headed into uncharted waters in the second half of this year, as governments gradually ease their COVID-19 lockdowns and travel restrictions to revive economic growth. Only time will tell whether the global economy can shift to a ‘new normal’, or if it will be a case of two steps forward, three steps back.
Australia and the United Kingdom yesterday announced the commencement of negotiations on a bilateral free trade agreement (FTA), which will start a new chapter in the economic relationship and help to boost export flows between our two nations.