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ECONOMICS FOR BUSINESS 7 7 Economics for Business Name of the University Course ID

   

Added on  2021-06-16

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Running Head: ECONOMICS FOR BUSINESSEconomics for BusinessName of the StudentName of the UniversityCourse ID
ECONOMICS FOR BUSINESS 7 7 Economics for Business Name of the University Course ID_1
ECONOMICS FOR BUSINESS1Table of ContentsIntroduction......................................................................................................................................2Summary of the article.....................................................................................................................2Evaluation of the article...................................................................................................................3Recommendation.............................................................................................................................5Conclusion.......................................................................................................................................5References........................................................................................................................................7
ECONOMICS FOR BUSINESS 7 7 Economics for Business Name of the University Course ID_2
ECONOMICS FOR BUSINESS2IntroductionAgriculture contributing nearly 12 percent of nation’s GDP is one of the main pillars forAustralian economy. The sector is not only important to meet demand for domestic foodconsumption but also is an important source of export earnings. A major portion of agriculturalproduce is exchanged internationally. Australia exports 90% of wool, 80% of wheat and 50% ofbarley to different nations (export.gov, 2018). Asian market is an important export destination ofAustralian agricultural export. The steady demand growth from China is major source of earning.Recently, framers are experiencing a rising demand from ASEAN. The paper aims to analyzeagricultural growth of Australia using a relevant article reference.Summary of the article Asia offers a much bigger market for Australian export than the single market of China.The annual farm export of Australia to the Southeast Asian nation worth billions of dollar moreas compared to those in China. The agribusinesses and farmers in Australia have been informedthat Asian market is a more lucrative market for Australian agriculture. A report published bybanking experts of ANZ reflects the fact that the farm export of Australia in 10 ASEAN markethas a prospect of growth in coming years. Several factors are at play for growing export demandfrom Asia (smh.com.au, 2018). These factors include rising income, growing emergence ofmiddle income group, increased consumption of meat, decreases in farmland, growing demandfor grains for Australia and shift of interest towards dairy produce.The report forecasts that the consumption of soft commodities in ASEAN nations isexpected to be 285 million by 2024-25, indicating an increase above 60 million tones. Theagricultural export to 10 ASEAN nations were valued nearly $8.8 billion in 2016. This is far
ECONOMICS FOR BUSINESS 7 7 Economics for Business Name of the University Course ID_3

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