Trade Talk, 11 August 2016
Australia and Indonesia collaboration in creative industries
Increased support for the creative industry is one of the early outcomes of the Indonesia-Australia Comprehensive Economic Partnership Agreement with the initial focus on commercial and cultural trade opportunities for our fashion and jewellery industries. Over 220,000 Australians work in the fashion-related sector which contributes to approximately $12b annually to our economy.
Increasing trade and investment opportunities with Papua New Guinea
Assistant Minister for Trade, Tourism and Investment Keith Pitt has been in Papua New Guinea, a country with tremendous growth potential, enhancing trade and investment links. A growing economic partnership with Papua New Guinea means opportunities for our Australian mining and energy, agriculture, construction and tourism sectors.
Bangladesh's demand for Australian cotton grows
As the second largest garment exporter in the world, Bangladesh has turned its attention to Australia as a potential new cotton supplier for its expanding textile manufacturing sector. Bangladesh imports more than 6 million bales of cotton and has a population of around 166 million, Austrade reports. This could be a substantial market for Australia - the fourth largest exporter of cotton.
Queensland and Nevada sign landmark agreement to focus on major opportunities
Queensland has signed a new Statement of Intent with the state of Nevada in the US which is expected to enhance cooperation across key industries and opportunities between the two states. The SOI will remain in place for three years, increasing work collaboration between sectors such as higher education including research and commercialisation partnerships, water, and technology.
Wine industry surging after 'enormous' demand from China
Australian wine exports have grown to $2.1b a year, and the average price paid for wine grapes has grown 14% to $526 a tonne. A growing middle class in China prepared to pay for top shelf wine has been attributed to this increase in demand. The US has also been a key export market accounting for more than $440m in exports in the last year.
Potential in Cuba for Australian agribusiness
The implementation of new Cuban economic reforms has generated increasing Australian interest in Cuba as a potential trade partner. Trade with Cuba is currently modest, but with an estimated 70% of its food imported, there is significant potential for sectors such as food and agriculture. Trade commissioner Chris Rodwell says there is also strong opportunity for our services and technology providers to help Cuba rebuild capacity in its agriculture industry.
As trade slows, what's next for global supply chains?
With global trade volumes slowing, this WEF article indicates that the future of trade depends not only on public opinion but several changes to global supply chains. This includes a growing focus on the "fast economy" which prioritises speed to meet customer demands, proliferation of new technologies and the rise of e-commerce and digital supply chains.
Asbestos Importation Review findings released
The Asbestos Importation Review Report was released last week by the Department of Immigration and Border Protection. The recommendations will be used to ensure that the management of Australia's asbestos border control reflects best practice. This includes working to improve dedicated trade and customs customer services to enhance industry engagement and to educate importers about their responsibilities to ensure goods don't contain asbestos.
Did you know?
Australia was ranked the fifth largest supplier of wine to the world based on value in 2015 supplying 5% of total wine. France took the lead (29%), followed by Italy (19%), Spain (9%) and Chile (6%).
Upcoming Trade Events
Investing in agriculture – growing our future: ABARES Regional Outlook conference
Bunbury WA, 17 August 2016
This is a complimentary, one day conference where senior ABARES economists present the economic overview and forecasts for key agricultural commodities and farm financial performance. It covers topics such as industry opportunities and challenges, natural resource management, labour and water issues, and case studies from regional business people who are taking innovative approaches.
Know-How for Inbound Tourism Excellence program
Melbourne VIC, 21 September 2016
This program by the Australian Tourism Export Council helps businesses connect with the $36.6b international tourism market. The Know-How for Inbound Tourism Excellence or KITE program prepares tourism businesses for international readiness, providing market specific insights and specialist topic webinars. Visit the registration page to search for further dates and locations.