Trade Investment and Economic Statistics †Free Samples to Students

Question: Discuss about the Trade Investment and Economic Statistics. Answer: Introduction: Global Trade is one of an essential activity that undertakes between two nations in a modern world (Buckley Casson, 2016). It can be accessed not only by a wide range of product or service market but also accompanies competition through competitive advantage even though it is between countries like New Zealand and Australia. The international trade in these countries accompanies a total of 20-30% of GDP. However, the future growth rate of Australia and New Zealand is strong and opts to increase economic nationalism management through the continuous balancing of policies, globalization and technology. Australia and New Zealand has been in the trade business since a long time and aim at increasing the economic and social benefits through increase in the percentage of GDP globally (Hirst, Thompson Bromley, 2015). The following paragraph discusses the GDP of Australia through the percentage of exports. The data has been taken in 2106 from the World Bank data that shows the interconnectivity of trade integration (data.worldbank.org, 2016). The data is chart 2 is derived from variable exports from 1960 to 2015. The data is quantitative in nature with ratio scale. Also, this is a descriptive statistics data as only whole number of percentage is shown irrespective of probabilities. The data illustrates the percentage trend of exports through a line graph. The percentage is easy to depict the comparison of exports as a percentage of GDP through its yearly fluctuations. The data depicts that the future of trade amongst the driver globalization ranges from 10-25% which is making the country progress in trade for the coming years. The data can be refined with ordinal data where categories of exports have been defined and increase in the exports in the same category management. Also, in depiction a stacked bar chart would be helpful. The change in the trade has been seen in the previous years where Asian countries have caught hold of the market and continues to withstand against all odds. Australias top exports markets have been briefed in the table. The data in chart 3 is derived from Department of Foreign Affairs and Trade for Australia from 1995-2015. The data is categorical in nature. Also, there are no probabilities to be given in nominal scale The data illustrates the ranks of countries in Australias export markets. The information in the table highlights the impact of Asian foreign markets and the growing. China and Japan have been indifferently on the top position and has seen to takeover Unites States in the years stated (dfat.gov.au., 2016). There is no percentage, so the drawback lies in accurate comparison between countries amongst the distribution of export markets. Australia and New Zealand continue to provide technology with continuous innovation, efficiency and access. The Growth in demand for data highlights the change in digital world as adopted by countries. The data in chart 5 is taken from Australian Bureau of Statistics in 2016 for the data acquired till 2015 Internet Service provider (abs.gov.au., 2016). The data is quantitative in nature and is in ratio scale. The depiction of growth is shown through a line chart between the two countries that is simply contrasting. The volume of data can be depicted through probabilities. The data constitutes the data across years and the volumes of data that has increased in every following year. The change is more in New Zealand than in Australia across the years from 2011. The data could have been more effective if a broader of categories could have been made for the volume downloaded using internet. A bar chart with probabilities/ percentages would have been convenient. The total exports comparison have been manifested for Australia and New Zealand on the total exports with a GDP composition for the years 2016. The data for chart 11 has been taken from the article of The evolution of New Zealands trade flows by Zang (2009). The variables are exports and GDP composition of goods and services which are categorical nominal. As a result, there is no use of data spread as the largest segment covers services for both nations on Exports and GDP composition. The conditional probabilities for each type of good are shown in pie chart and the whole population of data is instance of descriptive statistics. Moreover, a pattern of factors illustrated would have been able to develop a comparison of types of goods and services exported in the Australia and New Zealand. The drivers of future trade have been broadly classified in globalization, technology and policies. However, a better analysis can be made by Next 5 years Top ranked drivers of change. There several drivers of change are demonstrated through broadly 4 drivers Technology, changing consumer preferences, policies and others in chart 12 (Chartered Accountants Australia and New Zealand, 2016). The data is ordinal in nature with percentages as probabilities for each change. The comparison between the drivers is tedious to recognize though comparable in nature. The data spread is vast which could have further formulated through an ogive (less than/ more than graph) and mean for a rational data. Moreover, a past trend chart or depiction could have further explained the deviation from actual percentages. At last, it can be concluded that the business in these areas are seeking to expand their market because of various reasons like spurred industrialization, reduction in costs, increased demand as well as liberal trade policies. On the contrary, the charts given in the assignments could have been rational with proper labeling and use of different techniques of statistics like descriptive statistics updated till a much closed data till 2016. The evaluation of past data could have even enhanced the predictions of the surveys. References 8153.0 - Internet Activity, Australia, June 2016. (2016).Abs.gov.au. Retrieved 24 August 2017, from https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/8153.0Explanatory%20Notes1June%202016?OpenDocument Buckley, P. J., Casson, M. (2016).The future of the multinational enterprise. Springer. Exports of goods and services (% of GDP) | Data. (2016).Data.worldbank.org. Retrieved 24 August 2017, from https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS Hirst, P., Thompson, G., Bromley, S. (2015).Globalization in question. John Wiley Sons. The Future of Trade. Survey Results. (2016).Chartered Accountants Australia and New Zealand. Retrieved 24 August 2017, from https://www.charteredaccountantsanz.com/-/media/306686e57cc84420a6fb69e96f1c57c7.ashx. Trade, investment and economic statistics. (2016).Department of Foreign Affairs and Trade. Retrieved 24 August 2017, from https://dfat.gov.au/trade/resources/trade-statistics/Pages/trade-statistics.aspx Zhang, V. Y. (2009). The evolution of New Zealands trade flows.Reserve Bank of New Zealand Bulletin,72(4), 42-46.