The Dynamics of the Development of Production and Export of Agricultural Products in the Context of Australia's Foreign Trade

Abstract

The relevance of the study is that Australia is a very open country for international trade, which accounted for 46% of its gross domestic product in 2019. In 2020, it had the 4th freest economy in the world, making its agricultural and trade freedom one of the highest in the world. The purpose of the study is to consider the dynamics of the development of production and export of agricultural products in the context of Australia's foreign trade. The following methods make up the theoretical and methodological basis of the research: theoretical, statistical, economic. Transnational corporations are becoming increasingly important in trade, so it is estimated that they now account for about 40% of international trade. Prices for agricultural products decreased both in real terms and in relative terms compared to prices for manufactured goods. The enormous technical progress achieved in the field of transport, communication and information technologies is one of the explanations for the significant growth of international trade. The development of Australia's foreign trade can be attributed to long and intense negotiations aimed at improving the conditions for the functioning of international trade.