Australia is a relatively quiet country that is a continent of its own. It is known to perform well in medicine and science as well as many other sectors. Surprisingly, the majority of what Australia produces ends up being used internally, making the state one of the poorest in international trade. No wonder, most Australians who want to practice international trade are seeking greener pastures elsewhere. Many who are eyeing Singapore, one of the most successful states in international trade, use the One Visa website to process their business travel documents.
Counting the Losses
According to data released by several international organizations, Australia continues to count losses at the international level. In less than two years, it has lost $5 billion with some organizations threatening to leave certain other countries. Some Australian organizations based in the UK are already contemplating quitting after having heavy losses in the last financial year.
Australia can only blame its policies, which affect them both at home and internationally. As the world is evolving with the development of new and innovative trends that enhance international business, this state seems to be dragging many miles behind. Here are some of the factors that contribute to such losses.
Non-conformity to international trade laws – there are numerous laws and by-laws that govern interstate trade relations. All states have a mandate to interact with countries that promise a mutual benefit and sign various agreements as guided by international trade laws. Australia does not get along well with such arrangements. The government still operates in the cocoon of internal operations and closes their ears to the world.
Failure to market internationally – Australia is not fond of attending international trade fairs and other marketing fairs that take place periodically across the world. It is not a well-known country. According to reports, there is not much that people are aware it offers the world except marketing itself. As a result, people who try to make ends meet in international business meet a major hurdle; no one knows Australia or what it is good at. The country has a lot of work to do to introduce people to Australia before even thinking about marketing the products that they have.
The culture – behavior change analysts in Australia claim that the country has a laid-back culture backed by individualism. Such a culture has robbed them of international interaction. The culture of a country directly determines how they will perform in business with other states. Their overseas business formulae rarely work.
A Lone Continent
Apart from the situation caused by its people, Australia is located many miles away from well-developed markets like Europe, Asia and North America. This blow has cost the state a lot of offshore business opportunities. The few businesses that are trying to thrive offshore claim that this is a challenge that hinders the market segment no matter which trade models they attempt to use.
As a word of advice, all Australian firms that are trying to survive in international markets can do better if they try to understand how trade is done at this level and adapt to such strategies. Probably, they will start a trend that will help all other companies from the region.