The global financial crisis and Australia’s international trade position

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Abstract

The current notion rampant throughout the world today is that the worst of the Global Financial Crisis (GFC) is over. Are we truly over and done with the GFC? The global financial crisis had been accompanied by an extraordinary collapse in world trade. Australia stood up to the GFC much better than most other countries and notably trade was seen to be stable and steady. What is the rationale for this? This paper explores the impact of the GFC on trade and Australia's distinctive position. How does Australia's trade position look today? The global financial crisis created major challenges and opportunities for Australia. But Australian products were seen to be more cost competitive in the global markets and they retained strong relations with their traditional trading partners in the European Union and United Kingdom during the course of the GFC and stepped up trade with the emerging markets in Asia. Today, after the GFC, Australian exporters are seeing a slowdown in business due to waning demands from international markets. The GFC and today's vibrant trade environment means that Australian industry must become accustomed to dynamic international engagement. This paper presents concise theoretical evidence supporting the relation between trade and crisis before moving to the appraisal of the GFC and its impact globally and on Australia's trade in particular. It presents key pragmatic indices that give a succinct indication of its scale and scope. The paper concludes with an assessment of the GFC's implication for Australia's International trade position and illustrates the factors supporting Australia's sustainable trade position during the GFC.
Original languageEnglish
Pages (from-to)19-44
Number of pages26
JournalThe Global studies journal
Volume4
Issue number2
Publication statusPublished - 2012

Bibliographical note

Copyright Common Ground and The Author/s. Article originally published in The Global Studies Journal, Vol. 4, Issue 2, pp.19-44. This version archived on behalf of the author/s and is available for individual, non-commercial use. Permission must be sought from the publisher to republish or reproduce or for any other purpose.

Keywords

  • global financial crisis
  • relation between trade and crisis
  • implication of GFC on international trade
  • Australia's trade position

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