Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Australia Exports: Overview
According to the UN Com trade, China continues to be a leading market for Australian exports, with an export share of 40.8% in 2020. Australia’s top five export partners accounted for 69.2% of total national exports in 2020.
Australia is one of the largest exporters of coal and minerals in the world. With the global recovery process underway, Australia’s exports grew by 14.9% in 2021, compared to a contraction of 15.1% in 2020, according to Global Data.
Ores, slag, and the ash held the highest share in Australia’s total exports in 2020. Ores, slag, and ash share of total exports showed a rising trend, increasing from 28.6% in 2019 to 36.1% in 2020. Mineral fuels and oils’ share of total exports decreased to 13.9% in 2020, from 18.9% in 2019. Australia remained the world’s largest exporter of ores, slag, and ash in 2020. The highest share was accounted for by Australia (36.3%), followed by Brazil (11.9%) and Chile (10%).
Australia Exports as a % of GDP
Exports as a % of GDP of Australia was 22.2% in 2021, increased by 3.6% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Australia increased by 5.5%. The indicator was highest in the year 2019 at 24.5% and lowest in the year 2015 at 19.6%.
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