Australian trade has shifted focus to Asian markets as Australian exports to China, Japan, and Korea accounted for A$147 billion in 2015. When compared to its relationship with the UK, the exports only accounted for A$3.8 billion.
Businesses that have on-going operations in Asia turned over 16% more than those who focused on domestic operations. Asia is a prime market and 87% of the companies that have set their eyes on Asia plan to expand within the next 3 years. If they choose to do so, they set to gain an additional revenue of $138 billion.
Wine Australia reported that exporting to China surpassed the US. The exports to China grew by 51% or A$474 million. Just 10 years ago, Australian wine exports to China were valued at a meager A$27 million.
Home to 3.2 billion people, Asia will have 21 megacities by 2030. This shows how big the Asian market is for Australian businesses.
Coates Signco, a company in visual communication in the broader retail industry and quick service restaurant experienced 100% growth after expanding to Asia. Extending across borders is a big decision for companies, but moving to Asia is more profitable than any other market.