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Assignment This exercise is concerned with explaining the trade flows between Australia and its trading Partners(China) using the models we have learned so far
(Ricardian model, Heckscher-Ohlin modeI,MonopoIistic competition with increasing returnsto scale, Offshoring). Once you have chosen your country(China) you
need to obtain data on the 10 principal imports and 10 principal exports (i.e. the 10 commodities that hav e the largest shares in exports, and 10 commodities that
have the largest shares in imports) forthe county(China) and Australia from the Composition of Trade Australia 2013 document(See attach file I have upload). You
should do this for commodity groupings at the 3-di it SITC lev el. SITC standsfor Standard International Trade Classification. The following link provides a v ery
detailed breakdown of the gITChttp://unstats.un.org/unsd/cr/re gistry/regcst.asp?CI=14 Table 1 provides an example of what data you need to collect and how
you might present it. TabIe1. Part A. Australian Exports to Argentina in 2013 SITC3 Commodity Exports, $A mil Share oftotal exports 321 Coal 71,712.00 28.2% 542
Medicaments 15222.00 5.8% TOTAL 273 225.00 100% Table 1. Part B. Australian Imports from Argentina in 2013 SITC3 Commodity Imports, $A mil Share oftotal
imports 081 Animal Feed 279,908.00 48.2% 782 Goods Vehicles 48,724.00 24.5% TOTAL 808,084.00 100% Here are some porntsto note. Only consider commodities
that correspond to an expIicit3-digit classification. You should ignore the categories 931 SpecialTransactions and 988 Confidential Items (since we don’t know what
is included in these items). For some countriesthere maybe lessthan ten 3-digit categoriesfor imports, that is fine, provided you can write something about those
available. Once you hav e collected data on exports and imports you need some information about resourceséor factor suplply) in Australia and its tra ing partner.
hese are two principal sources you need to use. 1) The CIAWorId Fact Book https://www.cia.gov/library/publications/the-world-fa ctbook/. What you are looking for
is any information about the relative supplies of resources in Australia and its trading partner that might explain the pattern of trade. Among the things you might
consider are: a. Natural and agricultural resource s: Co astIine,naturaI re source s, land use (arable land), water re sources. b. Laborforce, labor force by occupation
and education c. Physical capital. There is no exact data on this, but many countries report inv estment as a share of GDP (I/Y). In addition, the level of GDP per
capita is likely to be positively related to a country’s ratio of capital per worker. You might also use the market v alue of publicly traded shares. d. Communications:
Internet hosts, internet users 2) The database of the World Bank: http://data.worIdbank.org/topic, where you can find data by Topic (rleg. Agriculture &Rural Dev
elo pm ent, Infrastructure, Science& echnology, Energy&Mining, etc.). Examples of the indicators you may find useful are: a. Science&TechnoIogy : Research and dev
elopment expenditure (% of GDP) b. Education: Literacy rate, school enrollment c. Agriculture: Agricultural machinery, tractors per 100 sq. km of arable
Iand,Agriculture value added per worker (constant 2000 US$) The abov e list is not exhaustiv e and you are encouraged to show your creativity by using various
indicators. You can try other sourcesfor relev ant information if you wish, as long as you reference them properly. The task isto explain the observed pattern of
imports and exports between Australia and its trading partner(China) using the models we have studied and relying on the information you hav e collected from the
above sources. Write a short report of3 pages (including tables) outlining your findings. A simple structure for the report is as follows. Introduction -Briefly outline
the four (4) main models of trade we have studied so far. Trade Data – Describe the data you are using and its source. Present a v ersion of Table 1 for the particular
country you have chosen. Provide an analysis of the general nature of exports and imports between Australia and our country. For example, are Australia’s
(exports/imports) primarily agricultural, mining or manufacturing, and if manufacturing, are they high-te ch or low-te ch? Which particular models can be used to
explain the trade patterns between Australia and this partner? A different model can help explain trade in different pro ducts. Conclusion – Provide a very brief
summary of your findings. Instructions: Marks will be assigned for successful completion ofthe project, and for the quality of the presentation and writing. Wetll-
written essays with clear and concise explanations will receiv e higher marks. Amaximum of 20 marks can be awarded forthis assrgnmen Notes: 1. you are to
analyse 10 principal exports and import BETWEEN Australia and a partner country(China) (not between Australia and the rest of the world, or between the second
country and the rest of the world) 2. you are to analyse only 3-digit code pro ducts, eg. in the table forAustralia-Argentina in Australia Composition ofTrade 2012,
“522 Inorganic chemical elements is a 3-digit code product”, but “5 ChemicaIs&reIated products nes (not else specified)” is a 1-digit code product. In fact, 522
Inorganic chemical elements is a sub categor of 5 ChemicaIs&reIated pro ducts nes, hence the common digit 5. You shouldn’t hav e this confusion if you are using
gtustralia Cdomposition of Trade 2013, as only 3-digit code pro ducts are presented there. est regar s.
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