A comprehensive, three-month-long survey of over 1,600 Australian businesses has found the country’s reputation to be a positive for trading overseas.
Australia’s International Business Survey, commissioned by the Export Council of Australia (with the support of the Export Finance and Insurance Corporation and Austrade), was carried out by the University of Sydney between October 22 and December 16 last year. It pooled responses from 1,618 participants, operating in 123 markets.
Manufacturers were the largest group of respondents in the survey. The top two industries in the report were, "elaborately transformed
manufactures (21 per cent of respondents) and processed food and beverages (8 per cent)."
For the rankings of most important markets by industry sector, elaborate manufacturing saw the USA ranked first, followed by New Zealand and the United Kingdom.
Overall, the top five current markets in order were the USA, China, New Zealand, the UK and Japan. China led the top five future markets, followed by the USA, India, UK and Indonesia.
Among the respondents, over 90 per cent had been operating for three or more years, and 44 per cent for more than 20 years. 21 per cent of respondents were in elaborate manufacturing, and eight per cent in food and beverage. Elaborate manufacturing was the most prominent industry for respondents in every state except Tasmania.
Australia’s reputation was seen as a positive for 60 per cent of businesses, with 6 per cent claiming it as a hindrance. By sector, food and beverage saw the highest number of respondents putting Australia’s reputation as a benefit, at 78 per cent. 63 per cent of those in elaborate manufacturing could say the same.
One respondent, export success RODE Microphones (which operates in 108 markets and was recently featured by Manufacturers' Monthly) said, “Manufacturing in Australia has been hit with a painful reality check, and now the only way is up.
“RØDE has been on an upward trajectory in export sales worldwide for many years now, and this trend looks like continuing.”
According to the report and based on its sample size, it is one of the biggest surveys of Australian international businesses.
To read the highlights of the report, click here.
To read the entire survey report, click here.