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Task 1

The line diagram shows that Australia's complete commodities of labor and products have expanded consistently throughout the course of recent years. In 1989, Australia's complete products were valued at $50 billion. By 2019, Australia's complete commodities had developed to $270 billion.

Australia's commodities of merchandise have customarily been more important than its products of administration. Be that as it may, the hole between the two has been restricted lately. In 1989, Australia's products of merchandise were valued at $45 billion, while its commodities of administration were valued at $16 billion. By 2019, Australia's products of merchandise were valued at $178 billion, while its commodities of administration were valued at $92 billion.

The development in Australia's products of administrations has been driven by various variables, including the development of the worldwide information economy and the ascent of web-based business. Australia is a significant exporter of instruction administrations, monetary administrations, and business administrations.

The development of Australia's all-out trade has been advantageous for the Australian economy. Sends out have assisted with making positions and lifting financial development. Australia's exchange excess has likewise assisted with keeping the Australian dollar somewhat solid.

Nonetheless, the Australian economy is likewise defenseless against changes in worldwide product costs. Australia is a significant exporter of iron minerals, coal, and different wares. On the off chance that worldwide product costs fall, it can adversely affect the Australian economy.

In general, Australia's products of labor and products have developed fundamentally throughout recent years. This development has been helpful for the Australian economy. Nonetheless, the Australian economy is likewise powerless against changes in worldwide product costs.

The line diagram shows that Australia's absolute imports of labor and products have expanded consistently after some time. The all-out worth of imports expanded from $50 billion in 1989 to $421 billion in 2019.

The diagram likewise shows that the structure of Australia's imports has changed over the long run. In 1989, products represented 70% of all imports, while administrations represented 30%. In any case, by 2019, the portion of merchandise had tumbled to 60%, while the portion of administrations had expanded to 40%.

This adjustment of the creation of imports is reasonable because of various elements, including:

The development of the worldwide economy has prompted expanded interest in administrations.
The mechanical transformation has made it simpler to exchange administrations.
The re-appropriating of administrations to different nations.

The expansion in Australia's imports of administrations emphatically affects the economy, including:

It has made positions in the administration area.
It has further developed efficiency in the Australian economy.
It has brought down costs for customers.

Notwithstanding, the expansion in imports of administrations adversely affects the economy, including:

It has expanded the ongoing record shortage.
It has made the Australian economy more defenseless against outside shocks.

By and large, the pattern of expanding imports of administrations is probably going to go on from now on. This is because the worldwide economy is turning out to be progressively administration arranged, and the innovative upset is making it simpler to exchange administrations.

Economy (a)	Total goods trade (b)	Total services trade	Balance of trade
1989	98,338	28,402	69,936
1990	101,080	31,108	69,972
1991	104,258	31,921	72,337
1992	114,554	34,744	79,810
1993	125,605	38,896	86,709
1994	133,839	41,949	91,890
1995	149,522	46,887	102,635
1996	155,176	49,568	105,608
1997	172,574	52,938	119,636
1998	186,194	57,601	128,593
1999	188,597	59,683	128,914
2000	229,613	69,129	160,484
2001	243,071	70,268	172,803
2002	249,455	72,168	177,287
2003	240,522	73,248	167,274
2004	262,287	79,890	182,397
2005	298,916	86,052	212,864
2006	346,707	95,130	251,577
2007	364,425	106,860	257,565
2008	456,684	120,909	335,775
2009	401,962	115,436	286,526
2010	452,357	119,743	332,614
2011	504,367	122,806	381,561
2012	507,212	129,123	378,089
2013	519,396	138,558	380,838
2014	531,349	144,501	386,848
2015	526,131	158,649	367,482
2016	526,048	162,221	363,827
2017	590,181	174,136	416,045
2018	663,069	192,096	470,973
2019	712,907	204,690	508,217

The table shows that Australia has had a trade deficit for goods and services every year since 1989. The deficit has widened over time, reaching a record high of 50 billion in 2019.

The deficit in goods trade has been driven by Australia's relatively high imports of consumer goods and capital goods. The deficit in services trade has been driven by Australia's relatively high imports of travel services and business services.

The trade deficit has some negative impacts on the Australian economy, including:

It reduces Australia's national income.
It puts downward pressure on the Australian dollar.
It makes the Australian economy more vulnerable to external shocks.

Task 2

Rank	export	1989	2005	2022
1	Japan	12,441	28,463	118,399
2	United States	5,205	9,266	20,819
3	New Zealand	2,520	9,011	13,228
4	Republic of Korea	2,488	10,959	52,905
5	Taiwan	1,746	5,520	30,031
6	Singapore	1,707	3,961	19,305
7	Hong Kong (SAR of China)	1,566	2,678	7,506
8	China	1,193	16,128	175,218
9	Indonesia	941	3,604	13,301
10	Malaysia	866	2,513	13,699
11	Papua New Guinea	798	1,337	2,368
12	Canada	624	1,789	2,516
13	Thailand	553	4,129	8,054
14	Philippines	445	846	5,111
15	Vietnam	81	668	13,918
16	Mexico	49	836	655
17	Chile	31	184	1,225
18	Brunei	13	30	486
19	Peru	10	69	230
20	Puerto Rico	3	27	13

The primary distinctions seen in Australia's best 20 commodity accomplices over the long run are:

The ascent of China as Australia's biggest product accomplice. China was just Australia's thirteenth biggest commodity accomplice in 1989, yet it has since turned into Australia's most significant exchanging accomplice. This is because of China's fast financial development and its solid interest in Australian assets.

The downfall of Japan as Australia's biggest product accomplice. Japan was Australia's biggest commodity accomplice in 1989, yet it has since been surpassed by China. This is because of Japan's more slow financial development and its declining interest in Australian assets.

The developing significance of Asia in Australia's exchange. In 1989, 10 of Australia's best 20 product accomplices were in Asia. Notwithstanding, by 2022, 15 of Australia's main 20 product accomplices were in Asia. This mirrors the developing significance of Asia in the worldwide economy.

Other striking changes incorporate the ascent of Hong Kong and the Republic of Korea as significant product accomplices for Australia, and the decay of the Unified Realm as a commodity accomplice.

Generally, the progressions in Australia's main 20 commodity accomplices over the long run mirror the changing worldwide financial scene. The ascent of China and other Asian economies has prompted a change in Australia's exchange concentration away from created nations and towards non-industrial nations.

The line diagram shows that Australia's merchandise commodities to its best 10 product accomplices have expanded fundamentally over the long haul. The absolute worth of merchandise products to these 10 nations expanded from $30 billion in 1989 to $220 billion in 2019.

The most striking expansion in sends out has been to China. In 1989, China was Australia's third-biggest product accomplice, yet it has since surpassed Japan and is presently Australia's biggest commodity accomplice. Australia's merchandise products to China expanded from $1.5 billion in 1989 to $100 billion in 2019.

Other eminent expansions in trade have been to Chile, Mexico, and Indonesia. Australia's products commodities to Chile expanded from $0.5 billion in 1989 to $15 billion in 2019. Australia's merchandise commodities to Mexico expanded from $1.5 billion in 1989 to $20 billion in 2019. Australia's merchandise commodities to Indonesia expanded from $1.0 billion in 1989 to $15 billion in 2019.

The expansion in Australia's product commodities to its main 10 product accomplices has been driven by various elements, including:

The development of the economies of these nations.
The rising interest in Australian assets and agrarian items in these nations.
The international alliances that Australia has with a portion of these nations.

The expansion in Australia's merchandise sends out decidedly affects the Australian economy, including:

It has made positions in the Australian product area.
It has supported Australia's financial development.
It has worked on Australia's way of life.

In general, the line chart shows that Australia has become progressively dependent on its main 10 commodity accomplices for its monetary development. This is a positive turn of events, as it has assisted with helping Australia's economy and working on its way of life. Nonetheless, it is additionally critical to take note that Australia's dependence on its main 10 product accomplices makes the Australian economy more powerless against shocks in these economies.