ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Urbanisation in Asia
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Strong growth in Europe
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US Multinational Corporations setting up factories in Africa
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Appreciation of the Australian dollar against all major currencies.
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Detailed explanation-1: -Low tariffs and preferential access to Asian markets make us a natural gateway for global trade. Over 70% of our trade is now with fast-growing economies in the Asia-Pacific region. As a nation, we seek new trading opportunities.
Detailed explanation-2: -Australia’s main export is iron ore, followed by their other most valuables exports coal, gold, and petroleum. These exports alone rake in $48.2 billion, $47 billion, $29.1 billion, and $20.3 billion, respectively. Of course, the country also ships other noteworthy items including food, wine, and cars.
Detailed explanation-3: -The terms of trade boom was driven by very large increases in the prices of some of Australia’s commodity exports. Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources.
Detailed explanation-4: -Mining and Drilling Australia is the world’s largest producer of opal and the world’s largest exporter of coal. The country is also one of the top producers of iron ore, nickel, gold, uranium, diamonds, and zinc.