It’s no secret that Australia has been one of the biggest up-and-comers in terms of international trade over the last few decades, but now it has secured its position as one of the most internationally connected countries in the world.
Australians have become renowned for their work ethic and rate of international work, with thousands every year registering as expatriates.
This article will analyse how Australian businesses are expanding overseas in the new year.
What are the export statistics?
It was found in 2020 by Stripe that 66% of online Australian businesses were selling internationally with industry experts predicting that this statistic is on the rise post-lockdown as the globe turns to online shopping and services.
In the 2019 Australian International Business Survey, the total exports from Australian businesses were found to total $470 billion. Out of this, SMEs accounted for 14% of the total exports. From this, the Export Council of Australia has since estimated that an increase to 25% could raise national GDP by $36 billion.
How Australian SMEs have entered international markets
The United States represents Australia’s third-largest trading partner, according to the Australian Department of Foreign Affairs and Trade, and there were over 45,000 Australians employed in the USA in 2020.
This has represented one of the biggest opportunities for Australian SMEs and businesses to enter the international market. The trade in goods and services as per cent of GDP for the USA has been almost half the world’s own respective GDP for several decades. However, the last twenty years has seen a rapid disengagement from the global economy.
This means that other countries are seeing new opportunities to provide international markets and engage with the Australian economy. 2022 will be a poignant year post-lockdown and post-Brexit where FTAs are being written up and revisited internationally.
Why success overseas is the key to growth
Not only does international expansion for Australian SMEs and businesses accelerate growth, but it will also deliver better returns and offer crucial diversification, which can be vital for business stability and success.
Begin considering your business’s stability and resources alongside the financial and human resources potential partner availability, product readiness, culture, and demographic of other countries today. Take the first step towards international expansion for your business.
Seamless is a group of industry professionals with over a decade of experience in supporting companies to realise their ambitions for international expansion and growth. We ensure that the local administration required to deliver the results you need is Seamless!
Whether you need assistance learning the local routes to market or support hiring and firing international talent, we are the team to do the job. We’ll ensure that you’re not taken over by professional admin and keep your local business, tax, HR, payroll, and financial operations managed and governed correctly according to local and company policy.
For more information about expanding businesses outside of Australia or to enquire about our services, get in touch with Seamless today.