Trade and economic relations of Ukraine and Australia
Australia’s economic freedom score is 81.4, making its economy the 4th freest in the 2015 Index. Its overall score is 0.6 point lower than last year, with gains in monetary freedom and labor freedom outweighed by declines in investment freedom, freedom from corruption, and the control of government spending. Australia is ranked 4th out of 42 countries in the Asia–Pacific region.
Australia’s strong commitment to economic freedom has resulted in a policy framework that has facilitated economic dynamism and resilience. Although overall economic freedom has declined slightly over the past five years, the Australian economy performs remarkably well in many of the 10 economic freedoms. Regulatory efficiency remains firmly institutionalized, and well-established open-market policies sustain flexibility, competitiveness, and large flows of trade and investment. In 2014, Australia became the first developed country to repeal a carbon-emissions tax.
Banking regulations are sensible, and lending practices have been relatively prudent. Monetary stability is well maintained, with inflationary pressures under control. A well-functioning independent judiciary ensures strong protection of property rights, and corruption has been minimal.
Australia is the leading trade partner of Ukraine in Oceania.
According to the State Statistics Service of Ukraine, in January - February 2015 the total turnover of 33.7 million USD; export - 1,6 million USD (-16.6%), import - 32.1 million USD (+345.1%); deficit - 30.5 million USD.
Major Ukrainian merchandise exports to Australia (January - February 2015):
- Mineral or chemical fertilizers, nitrogenous - 0.8 million USD;
- electrical equipment - 0.2 million USD;
- yachts and other vessels - 0.3 million USD;
The main imports from Australia (January - February 2015):
- manganese ores and concentrates - 23.2 million USD;
- fertilizers - 6.9 million USD;
- equipment for excavation - 3.1 million USD.
According to the State Statistics Service of Ukraine, the volume of direct Australian investment in Ukraine amounted to 1.1 million USD.
In 2013 the economy of Ukraine attracted 2.1 million USD investment in Australia. From 2012, the growth of Australian investment almost absent.
As of 07.01.2014 the largest investment in Australia in Ukraine has gone into wholesale and retail trade; repair of motor vehicles and motorcycles – 1.2226 million USD (71.1% of total investments). In 2013, the Australian investment growth to the specified areas of economic activity was 0.0580 million USD.
In 2013 in professional, scientific and technical activities received 0.2182 million USD Australian investment, which is 12.7% of the total investment. In 2013, investments in specified areas of economic activity is not involved.
Investments in the field of information and telecommunications as of 01.07.2014 amount received 9.8 thousands USD, accounting for 0.6% of the total investment from Australia. In 2013, investments in specified areas of economic activity is not involved.
As of 01.07.2014 attract investments from Ukraine to the economy of Australia is not registered.
Australian investment projects in Ukraine: OJSC “Minova Ukraine” (Donetsk region); “Amcor Tobacco Packaging Ukraine” (Kharkiv region); “Hawkley Oil & Gas” (Dnipro-Donetsk region); joint project between the National University “Lviv Polytechnic” and the Australian company “Fielden Management Services” in modern technologies and information systems (Lviv region); Company “Luhansk Gold” (Luhansk region).