Trade Talk 12 December 2013

12 December 2013

WTO reaches historic trade agreement in Bali

Trade Minister Andrew Robb has welcomed the WTO trade agreement reached at the Bali Ministerial Conference last week. The agreement will make it easier for goods to flow through the ports and customs processes of the 159 WTO member countries. It is expected to create over 21 million jobs worldwide.

TM Media Release: Australia welcomes historic trade reform package

Austrade Chief Economist explains why WTO Bali agreement matters

Estimates suggest that the Bali agreement on trade facilitation may add as much as US$1 trillion to the global economy according to Austrade Chief Economist, Mark Thirwell. In this article he gives an overview of the agreement exploring its value to world GDP, its benefits to trade flows and its historical context.

Austrade Article:  Making trade quicker and cheaper: The payoff from the WTO’s Bali Agreement on trade facilitation

Trade deficit increases in October as imports rise

Australia recorded a $529 million trade deficit in October, up from the $271 million deficit in September. Exports were steady at $27.3 billion while imports rose 0.8% to $27.8 billion. All major categories of imports increased from September to October, led by a 1% rise in consumption goods.

TM Media Release: Exports steady in October, 12 per cent higher from a year ago

OECD Paper: Mapping Global Value Chains

World trade and production are increasingly structured around “Global Value Chains” (GVC) This paper explores the indicators that may give a more accurate picture of the integration and position of countries in GVCs.

OECD Trade Policy Paper: Mapping Global Value Chains

IMF Data Mapper

This interactive tool from the IMF allows users to compare countries across a wide range of data using the dataset from the October World Economic Outlook. Users can compare countries using map or bubble charts across GDP, exports, imports, growth forecasts and more.

IMF Interactive Tool: IMF Data Mapper

Did you know?

Trade with South Africa… In 2012-13 Australia’s total trade with South Africa was $3.1 billion, accounting for 0.5% of Australia’s total trade. Principal exports included coal and transport services while principle imports were recreational travel services and passenger motor vehicles.

Last Updated: 12 December 2013