Australia’s economy, like most, changes over time due to many changing factors in and around the economy. Australia has had radical changes made to its economy over the years, which allowed it to evolve into an international, open economy which is very integrated into the global economy and through this made many trade international relations. The most concentrated changes have been made in the field of composition and direction of Australia’s trade in both exports and imports.

Australia is very resource rich and hence produces and exports many natural resources. The exact nature of these resources has changed quiet a lot. In the 1950’s the major export of Australia was rural products such as sheep wool. This accounted for 81% of total exports in this time period. Major exporting nations at that time included the U.S.A. and many European nations. Protectionism was adopted by many...