Australia's Export Performance in East Asia
Despite the strong growth in Australia’s exports to East Asia in the past decade, Australia has lost import share in that market. Not only has Australia lost share to developing East Asian competitors, it has lost share relative to other industrialised country suppliers. The main reasons for Australia’s relatively poor record in exporting to East Asia are the adverse effects of commodity composition and loss of competitiveness in agriculture and (to a lesser extent) in manufacturing in trade growth. Competitiveness improved sharply in the minerals and fuels sector. Nonetheless, in the 1980s, the restructuring of Australia’s trade with East Asia was assisted by economic reform and trade liberalisation. Preliminary evidence suggests that reductions in industry assistance have facilitated Australia’s manufacturing exports, growth of which roughly matched the expansion of East Asian manufacturing market. Australia’s competitiveness in East Asian markets will depend importantly on future progress with economic reform and its impact on the productivity of established and newly emerging export industries.
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- Gordon Menzies & Geoffrey Heenan, 1993. "Explaining the Recent Performance of Australia’s Manufactured Exports," RBA Research Discussion Papers rdp9310, Reserve Bank of Australia.
- White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
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