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NSWEconomicsQuick questions
Topic 2: Australia's Place in the Global Economy
Quick questions on Australia's trade composition, direction and free trade agreements (HSC Economics Topic 2)
9short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is composition of Australia's exports?Show answer
Australia is a "small, open, commodity-exporting economy". Its exports are dominated by primary commodities. The top five export categories (DFAT Composition of Trade Statistics, indicative 2024 figures):
What is composition of Australia's imports?Show answer
Imports are dominated by manufactures (about 80 percent of merchandise imports):
What is direction of Australia's exports?Show answer
Since the early 2000s, Australia's export direction has shifted decisively toward East Asia:
What is direction of Australia's imports?Show answer
Imports come from a more diversified set of suppliers:
What is free trade agreements?Show answer
Australia is party to 17 free trade agreements as of 2026. The most important:
What is impact of FTAs on Australia?Show answer
1. Lower tariffs on Australian exports. Beef exports to Japan face tariffs of 8.5 percent (down from 38.5 percent before JAEPA). Australian wine exports to China grew from 1 billion by 2019 under ChAFTA, before falling sharply during the dispute.
What is treating "Asia" as one block?Show answer
Distinguish China, Japan, South Korea, ASEAN and India. They have very different trade profiles with Australia.
What is quoting only one year of data?Show answer
Markers reward responses showing the historical shift (1990 vs 2024) and the recent disruption (2020-2022 China dispute).
What is overstating FTA benefits?Show answer
Most of the gains are in agriculture and services, not bulk commodities. Be specific.