Commentators have recently been focused on iron ore mining and export from Australia because it represents such a big percentage of Australia’s total exports.
But Australia is more than just a big iron ore mine and has many other opportunities in Asia, according to HSBC chief economist Paul Bloxham who yesterday wrote:
Although the resources export ramp-up is far from over, as we discussed above, Australia does need to consider what other opportunities will be on offer as Asia’s economies continue to develop. Middle class incomes are expanding rapidly in Asia. HSBC expects that the global middle classes will increase by 1.3bn people by 2030, with most of this growth expected in emerging Asia. This wave of new consumers on Australia’s doorstep should present trading opportunities beyond the mining sector.
We expect rising middle class incomes in Asia to increase demand for high quality food, tourism, education and business services, presenting Australia with further trading opportunities.
Here is a list of Australia’s exports and where they go – opportunities abound.