Let’s not distract from the horrors of war and the obvious humanitarian disaster that rising global food prices will create in the developing world, but let’s try to understand how global developments might impact Australia economically.
Exports and imports are commonly split into goods (stuff you can touch) and services (things like tourism or education). We will only look at goods for today’s analysis since they make up the lion’s share of our national exports and imports. We will also only look at pre-pandemic data from 2019 to see how the usual business model of Australia is impacted.
