International Trade Australia GDP Report 2022

Running head: INTERNATIONAL TRADE
International Trade
Name of the Student
Name of the University
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INTERNATIONAL TRADE1
Table of Contents
1. Economic Background of Australia and Singapore.....................................................................2
2.Trade/GDP as a measure of globalization....................................................................................2
3. Openness in Australia and Singapore..........................................................................................3
4. Relation between trade openness and economic development....................................................4
5. Policies driving economic openness............................................................................................5
Reference List..................................................................................................................................6

INTERNATIONAL TRADE2
1. Economic Background of Australia and Singapore
Australia has big mixed economy market structure having a GDP level of 1.69 trillion
Austrian dollars and 25 million populations. The country is reputed to have the largest wealth per
capita and is located between South Pacific and India Ocean in Oceania. It is engaged in the
export of goods like coal briquettes, petroleum, wheat, gas and gold retrieving about 195 billion
dollars from the given sector. Australia is considered as one of the fourteenth richest nations in
the world.
Singapore is a highly developed economy that drives most of its income from the
production of manufacturing goods. Located in the Asian continent with an area of 687
kilometers and density of 58.7 lakhs. The GDP is estimated to be 372.807 billion dollars. The
economy is reputed to have the third least corruption with low tax rates and high per capita GDP
favouring good business prospective. The major exported goods of Singapore include electric
machinery, equipment, machinery include computers, mineral fuels including oil, optical,
technical, medical apparatus, gem, precious metals and other. Singapore also is a very rich nation
accounting a very high per capita GDP.
2.Trade/GDP as a measure of globalization
Trade/GDP also known as an indicator of openness measures economic globalization and
is considered as an indicator of economic integration. The measure gives an estimation regarding
proportion of all goods and services that cross the boundary of a nation indicating dependency of
the country on external trade. In terms of globalization, it shows the proportion of world
production using for exports and imports between nations. As the extent of international trade