Exciting opportunities exist to grow business in offshore markets where New South Wales has strong links and a reputation for reliable, high-quality products and services.
International trade and investment will be key drivers of economic growth for NSW in the post-COVID 19 world and exporting businesses are set to experience unprecedented growth, backed by active government promotion.
A youthful, digitally savvy demographic made up of increasingly affluent, urban consumers represents huge opportunities for NSW exporters, enhanced by the region’s status as a major logistics hub boasting several FTAs with Australia. With a combined population of 647.7 million (2018), the Association of South East Asian Nations is forecast to become the world’s fourth-largest economy by 2030.
The United Kingdom’s innovation and service-orientated economy aligns with NSW industry strengths, especially tech, defence and services. NSW has a close economic relationship with the UK and further growth opportunities expected from a forthcoming Australia-UK Free Trade Agreement. The UK market offers high-value expansion potential and is a priority market for attracting investment, particularly from local finance and technology ecosystems. As Australia’s second-largest source investment, UK is an important partner for NSW in meeting capital requirements for projects that strengthen existing and future industries.
As the world’s second-largest economy projected to grow at 8 per cent over the coming year, China provides a mixture of ongoing and emerging opportunities for NSW companies. China made up 20 per cent of NSW exports in 2019-20, reflecting the strong reputation our goods and services enjoy there. Demand from middle-class consumers is expected to remain high while China’s focus on high-quality, safe food, future energy requirements and health provides new revenue potential. Taiwan and Hong Kong are important markets to NSW within Greater China.
Regarded as the world’s single most important emerging market, India is expected to become a US$5 trillion economy by 2024. Its growing consumer base and young population with English proficiency represents enormous potential for innovation across multiple sectors. Globally renowned for its IT capability, the Indian market is ripe for collaboration and investment across technology and services. The maturity of NSW in sectors like science, technology, health, agtech and food, together with India’s strong growth potential, will drive abundant synergies.
With a GDP of almost $US22 trillion, the United States of America is a major driver of global growth, Australia’s biggest foreign investor and therefore a key economic partner for NSW. The USA is also a top-five export market with strong growth in services and technology, and demand strongly aligned to NSW’s strengths in fintech, regtech medical and smart city technologies, and premium food and beverage.
With a GDP of $US1.6 trillion, Korea is already the third-largest export market for NSW and the comprehensive Korea-Australia Free Trade Agreement creates ample opportunities for further growth.
Strong commodity exports including minerals, energy, and beef co-exist with exciting new possibilities for manufacturers and service providers to connect with Korea’s expanding consumer class.
Korea aims to increase renewable energy output from 7 per cent to 30-35 per cent by 2040, creating an important new stream of commercial engagement for NSW companies.
The United Arab Emirates (UAE) is the gateway to Gulf Cooperation Council (GCC) economies, the Middle East and Africa. The GCC has a population of 54 million with a predominantly young demographic, while the UAE itself serves as a major global logistics hub boasting excellent air connectivity and a third of the world’s population living within a 4-hour flight radius.
The GCC is also an important source of capital for NSW with major NSW privatisations receiving investment from the region. Sovereign Wealth Funds and state-owned entities continue to provide important backing for NSW infrastructure and other projects, and are keen to identify new opportunities despite the current decline in oil prices.
With a GDP of $US373 billion, the UAE is a well-established export market for NSW food and beverage and holds strong growth opportunities for healthcare, medical technology, food security and digital solutions.
A nation of 126.8 million, Japan is home to consumers with a high disposable income and many companies seeking innovative, sustainable and secure solutions. The largest export market for NSW goods, Japan imports more than 60% of its daily food needs.
It is a nexus in Asia for technological development and one of the oldest and largest sources of Foreign Direct Investment for NSW, the latter broadening in recent years beyond traditional sectors like resources and agribusiness.
It is expected new projects in infrastructure and renewable energy which support Japan’s energy security and carbon reduction commitment will continue attracting investor interest and Japan is a key participant in the Western Sydney Aerotropolis.
Global NSW can help exporters of any maturity and provide coaching and advice on market opportunities:
- planning for export
- market entry strategies
- identifying new markets
- exploring product's market potential
- distribution channels and regulatory requirements
- finding overseas business partners
- successfully completing export transactions
- other related export issues
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