Trade Talk, 14 May 2015
14 May 2015
Are you Australia's next top exporter?
Minister Robb has launched the annual Australian Export Awards. Last year's finalists generated more than $3.1b in export sales in 2013-14 and employed more than 41,000 people. Finalists will be judged on their international growth, innovation, marketing and financial strategies. Applications are now open.
Federal Budget: new funding supports trade and investment
Tuesday's Federal Budget contains a number of measures to support trade and investment, including $53m to attract new investment to boost jobs; $25m to help businesses boost exports; and $18m to expand Australia Week events in China, India, the US and ASEAN.
Western Australia's beef and veal exports skyrocket
Western Australia's beef and veal exports increased almost 50% in the seven months between July 2014 and February 2015 to $118m. The increase is attributed to higher demand from the US, Japan, Middle East and China as well as rising export prices.
Increase in Australia's foreign investment proposals
Australia recorded a significant increase in foreign investment proposals during 2013-14. A total of 24,102 proposals worth $167.4b were received by the Foreign Investment Review Board during 2013-14 compared to 12,731 proposals, worth $135.7b in the previous year.
Australia's economic diplomacy helps to rebuild Samoa's taro industry
Australia is helping to restore Samoa's taro export industry, which was decimated by leaf-blight. Experts from Australia recently cultivated blight-resistant crops to replant. Before the outbreak, Samoa was the leading Pacific taro exporter and exports accounted for half of Samoa's foreign exchange earnings.
IMF: Growth in Asia-Pacific forecast to be world's highest
Growth in Asia and the Pacific will outperform the rest of the world in 2015 according to the IMF. The region is expected to see growth of 5.6%, however economic growth across countries will be mixed. China's economy is forecast to grow at 6.8%, Japan's at 1% and Australia's at 2.8%.
The EU and Association of Southeast Asian Nations (ASEAN) consider trade talk reboot
A meeting between senior officials from the EU and ASEAN is planned for the end of the year to consider resumption of trade talks. The EU is one of ASEAN's top trading partners, accounting for nearly 10% of ASEAN's total trade and a significant amount of foreign direct investment inflows to the region.
Did you know?
Australia's total trade with the EU was valued at over $83b in 2013-14. The EU (as a bloc) is Australia's second-largest trading partner, accounting for 13% of total trade.