As a business exporter, there are many opportunities for you to expand your business and generate revenue as the Australian government pursues an active and ambitious open trade and investment plan. This offers greater avenues for monetisation, irrespective of what goods or services your business deals in.
In this blog we will be discussing some tips on how to monetise your business while providing information about Australia's top 10 trading partners so you, as a business owner, can generate ideas to expand your business and penetrate the market.
International trade plays a pivotal role in securing the Australian economy, representing 45% of its GDP. According to the Australian Bureau of Statistics, Australian GDP rose by 4.2% from December 2020 to December 2021, while the GDP chain price increase (CPI) rose by 6.3%.
New trade agreements are entering into force, the latest being the Indonesia-Australia Comprehensive Economic Partnership, new trade agreements with Hong Kong and Peru, and the Regional Comprehensive Economic Partnership of 2020 among 14 economies. These new trade agreements can mean paying lower import taxes or being exempt from them entirely. Attractive terms like these translates to lucrative monetisation opportunities for your business.
According to the Australian Government Department of Foreign Affairs and Trade, Australia is a major exporter when it comes to shipping metal ores, coal and cotton.
The top 10 trading partners of Australia are listed below:
China is Australia's largest trade partner, with a 26.4% share of the total international trade that amounts to AU$235 billion. Iron ore, gas, and coal make up the bulk of Australian exports to China.
With a share of 9.9%, amounting to AU$88.5 billion, Japan comes in second place. Exports between Japan and Australia are mainly natural resources and beef.
Then comes the United States, with a total trade of AU$76.4 billion. Australia exports meat, pearls, precious stones, optical and medical apparatus to the US.
In fourth place is the Republic of Korea, with a total share of AU$41.4 billion. The main products exported from Australia to Korea were iron ore, coal briquettes, and petroleum gas.
Next is Singapore, with a share of AU$32.7 billion. Iron ore, gold, and petroleum gas are the primary export commodities. There are some import taxes that you should know about if you are planning to export to Singapore.
New Zealand comes next with AU$30.6 billion, with broadcasting equipment, packaged medicaments, and computers making up the bulk of exports.
With a share of AU$30.4 billion, the United Kingdom follows closely. The main exported items are wine, beef, and almonds.
India is the eigth largest trade partner with a share of AU$30.3 billion. The main products exported from Australia to India were coal briquettes, aluminum oxide, and gold.
Malaysia is at number nine with a total trade value of AU$25.1 billion, the primary commodities being coal briquettes, petroleum gas, and refined copper.
Then comes Thailand, with a total trade value of AU$24.7 billion. The items include natural gas, crude petroleum, and coal.
All these countries provide excellent opportunities to expand your business and for monetisation.
If you are a new business owner, then the basic knowledge of how to monetise using market penetration techniques is a must. The idea behind market penetration is to launch a product and enter the market to capture a fair market share so your business can generate reasonable revenues. You have to plan and strategise to challenge the competitors and grow sales orders.
Several penetration tactics are part of a monetisation business model out of which you have to decide which tactic to adopt based on the competitive scenario and market saturation state. These tactics are discussed below:
The most popular penetration technique is price adjustment, where you may lower the price of a product to boost its sales after analysing the competitor market.
Monetisation marketing is another method by which you can penetrate a market. Advertise and market your product to increase brand awareness. Employ social media campaigns and direct sales outreach efforts to improve your competitive edge.
Bundle product offers are also an effective market penetration technique.
Another essential technique is to open new distribution channels to increase market space, such as telemarketing, email marketing, online marketing, and so on.
Improving your product quality is another effective market penetration technique. It is imperative that you then communicate to consumers how you have improved the quality of your product to gain consumer trust.
Another important tactic is to differentiate your products and how you present them to the consumers. This could be through unique product features, bold marketing strategies or novel packaging. Employ unique product designs, educate your customers, and make purchasing and shopping easier for the consumers.
Diversification in your products helps you touch newer markets and gives you more opportunities to penetrate them to improve your business monetisation.
DHL Express is a reliable trade partner that can help you monetise your business by providing adequate and timely logistics services so all your exports can reach their destination countries securely and reliably. For more information about how DHL Express can be beneficial in your exports, start by opening an account with us and start enjoying the benefits of MyDHL+.