Trade Talk 13 December 2012
13 December 2012
Trade deficit widens as capital goods imports rise
Trade and Competitiveness Minister Emerson's latest press release reports that Australia recorded a $2.1 billion trade deficit in October in line with expectations. The deficit largely reflects a 13 per cent rise in the import of capital goods to just under $6 billion. Capital goods include large, one-off imports (such as highly specialised mining machinery) which are used to generate income in the long term.
Press release: Trade deficit widens as capital goods imports rise
Anti-dumping changes announced
The Australian Government has announced changes to Australia's anti-dumping system. These include a new Anti-Dumping Commission (to be based in Melbourne), increased funding and further reform of the anti-dumping system.
Press release: Anti-Dumping Reforms to Support Australian Industry
Kangaroo meat hops back to Russia
Russia has partially lifted its ban on kangaroo meat, allowing Australia's largest supplier, Adelaide-based Macro Meat, to resume its exports after four years. Russia is a valuable market for Australian kangaroos, worth $23.5 million in 2008 before falling away in the wake of the ban.
ABC news article: Russia eases ban on kangaroo meat imports
Slowing economies curb demand for Chinese, US exports
Chinese merchandise trade data for November showed a weakening in their trade surplus, with exports growing just 2.9 per cent from the previous November. The Australian reports that this was 'much lower than October's 11.6 per cent rise and far below economists' median forecast of a 9.6 per cent expansion'. Meanwhile, latest US trade data also recorded a worsening of their trade deficit, with exports suffering the largest monthly drop in almost four years.
The Australian news article: China trade surplus falls 38 per cent on weak overseas demand
Round 15 of TPP negotiations winds up
The fifteenth round of the TPP negotiations concluded in Auckland this week. The New Zealand Ministry of Foreign Affairs and Trade reported that good progress was made across the negotiation, with Canada and Mexico participating for the first time. Further updates will be available on the DFAT website next week.
New Zealand Ministry of Foreign Affairs and Trade: TPP Talk
Tajikistan set to join World Trade Organization
After 11 years of negotiations, Tajikistan is set to become the 159th member of the World Trade Organization (WTO), with the WTO approving its accession package earlier this week. Provided its domestic ratification process goes smoothly, Tajikistan will be the second Central Asian country to join the WTO, following Kyrgyzstan in 1998.
World Trade Organization: WTO approves Tajikistan's membership
Interactive Global Metro Monitor
The Brookings Institution has released an interactive 'Global MetroMonitor', featuring economic growth data for the largest 300 metropolitan areas globally. The top 50 fastest-growing areas are dominated by Chinese cities, with Jakarta (Indonesia), Chennai (India) and Perth (Australia) also ranking highly. At the other end of the scale, 42 of the 50 fastest-shrinking economies were in the European Union.
Brookings Institution: Global MetroMonitor
Did you know?
The festive season is in full swing and Australian winemakers are supplying the beverages, with exports of $1.9 billion worth of wine in 2011-12. That's around 737 million litres – enough to fill 294 Olympic-sized swimming pools!
Learn more with DFAT's fact sheets.
More about Australia's trade.
The latest trade statistics.