Money
Australian exporters value reputation as competitive advantage
Australian exporters cite national reputation as key competitive advantage in international trade, with India seen as top future market.
A new survey by the Australian Chamber of Commerce and Industry in collaboration with ANZ highlights that exporters view being Australian as their top competitive advantage in global trade.
The 2024 National Trade Survey shows that 70% of surveyed businesses believe their status as Australian producers strengthens their position in international markets.
The survey indicates that access to markets with Free Trade Agreements ranks second as a competitive advantage.
ACCI CEO Andrew McKellar noted that Australia’s reputation is beneficial for trade. He emphasized the importance of maintaining this positive standing.
FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China.
Key concerns
The survey also identified key global concerns for exporters, with cyber security being the top issue. Other concerns include conflicts in the Middle East and US-China tensions.
China and the USA are the most prominent trade markets for Australian exporters, each representing 47.8% of their trading activity. Singapore, the UK, and New Zealand follow closely behind.
India has emerged as the most attractive market for future trade opportunities.
Simone Fynmore from ANZ expressed commitment to assisting businesses in navigating international trade challenges and seizing opportunities, particularly in India.
Dr. Prudence Gordon from the Australian Centre for International Trade and Investment stressed that the competitiveness of Australian businesses heavily relies on domestic market regulations and conditions.
This year’s survey results also show the UK’s rising significance as a trade partner and underscore India’s potential for future market diversification.
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Wall Street slides as AI spending raises investor concerns
Wall Street dips as AI spending scrutiny rises; Microsoft struggles while Meta thrives. Tune in for insights!
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Tesla brand value plummets amid Elon Musk’s political focus
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#TeslaNews #ElonMusk #BrandValue
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