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HC1072 Economics and International Trade Assignment - Holmes Institute, Australia

Purpose: This assignment aims to enhance students' research and analytical ability through the application of their economic knowledge in the unit to compose a report.

Task - Find a recent news article discussing a change in market condition(s) of an industry in 2018-2019, for example an observed change in market supply of a good/service or a change in consumers' taste and preferences for a good/service. Using theories of economics, such as the demand and supply model and determinants of demand and supply, explain the impacts of changing market conditions on the price and quantity of goods or services traded. Support your analysis with market data.

Answer - Economics and International Trade

Introduction

The article by Schwartz, 2018., highlights about the agricultural industry in Australia which has been becoming important as the world is moving towards the personalized nutrition. With time, it is important to understand that the consumers are important to ensure the continued growth and the understanding is based on the future which is based on targeting the export offerings and protecting the Australian reputation. It is important to focus on the genetic modifications and other concerns of consumer where the persuasive arguments are made for the environment with involving in less pesticide with less extractive use of the water. It will help in improving the security of the food and the work will be on the crops that have the benefits of health to consumers in omega oils. With Asian standards, the importance of the Australian market will be to focus on the high-income consumers with sensitive issues about the high risks strategies. The research will highlight about the discussion on the patterns of purchase where the focus is on handling the Australian environment with list of properties for the organic food buyers (Coch, 2018). The research helps in showing about how the people buy the organic food with perceiving the nutritious products with people buying the free range of the eggs for the quality and tasting them based on the animal welfare concern.

Market Description

Considering the particular relevance in Australia, there have been association to the large-scale farming and the multi-national companies which are not only the concerns about the health and science. The Food Standards Australia and New Zealand are involved in examining the breeding techniques and the food laws which are applicable to the products which have been derived from them. It is important to understand that the Australian eggs look for the genetic development with the real benefits for the industry and the consumer concerns are related to the gene-marking technology to identify the male from the female in shell. Considering the changing times, it is seen that the agricultural standards with the farm product forecast is seen to be declining by 4% in the year 2018-19. There has been a lower production of the grains, seeds of the oil and the pulses (Zammit et al., 2019). The farm profitability level is expected to be lower. The national agricultural production is based on the well-attuned factors with variable Australian climate. The production of the volume with the livestock and the livestock products is expected to have a major decline by 2% in the year between 2018-19.

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The volume of the production mainly for the livestock includes the expected decline by 2% in the year 2018-19 where there are different factors of the production issues and the animal exports that has contributed to the decline. There are cessation in the live sheep exports at the time of the rise in beef and the mutton production.

In 2018-19, there have been farm production which is seen to be declining by 4%. Hence, the international and the domestic pricing for the crops are seen to be rising from the lower level sectors. Hence, the stronger export demands for the wool and the sheep meat has been contributing to the rise in the pricing of the livestock and the better livestock products.

At a national level, there has been farm profitability which is considered important handling the different production and costs that helps in determining about the high prices. It is mainly because of the pricing that has been received for the different commodities and the lowering of the Australian dollar with the boost in the export return values (Schwartz, 2018). There have been production which has directly affected the regions and the farm incomes at a national level. The average production has been done with supporting the average farm cash income where there are projections to fall by 18% from $201,300 per farm in 2017-18. It is seen that there are standard which are able to handle the production procedures from the different Australian standards. It includes the feed purchases that are for handling the livestock and then understanding the pricing for the irrigation of the water which directly impacts the profitability standards.

There have been benefitting factors from high pricing with feed grains and the fodder which are caused by the problems of drought. In Australia, it is seen that the sheep industry has been mainly benefitting from the price which are for the sheep, and the other income from the farm cash (Cook et al., 2018).

The volume for the production from the farm includes the ranges:

There are different parts of Australia to have a better record-breaking rainfall and flooding which is contributing towards the different factors. It depends on the pasture growth and there is a cattle herd increasing to 30 million by 2023-24.

Change in Market Conditions and their impact

With time, it is seen that in 2019-20, the farmgate prices are considered to forecast the unchanging increase in the average pricing for the crops with offsetting and handling the declined products for the livestock. In 2020-21 and 2023-24, there are farmgate pricing which is to forecast the rise and the support by increased unit for the livestock and the livestock products. The growth has been mainly in the prices of the crops and they are assumed to be remaining a major constraint over the outlines are based on handling the constraints which are related to work on the production of the wheat in the proper period of time.

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There have been farmgate pricing which is subjected to handle the uncertainty for the unforeseen supply shocks mainly in Australia. This includes the change in the climate and the natural disasters or the disease outbreaks with balancing risks for the upside pricing and the crop pricing. Australia has a variable climate with major focus on the costs that is controlled through enterprise level with maintaining the farm incomes over the outlook period (Rolfe et al., 2015).

There have been risks related to the outlook for the agricultural export earnings where there is a decline of $45 billion in the year between 2019-20. The expected forecast includes the rise in the export earnings with the assumptions of the strong population and the growth of income. The Australian major export markets tend to look for the rise in the downside risks for the global economic growth with increased uncertainty for the agricultural export earning as well. There are certain increased competition from the major exporters for the grains and the livestock market. It is expected to have a higher weight on the export and the increased global supplies that is reducing the demands for the Australian goods of agriculture. Here, the key export markets are directly working on the exerting of downward pressure on the export pricing over the medium terms. The low costs of the wheat exports like in Argentina and Russian Federation are considered to compete mainly with the pricing of Australia and Asian grain markets.

There are lower volumes of the export to detract from the Australian economy growth with the results related to the dry seasonal conditions. The estimates are related to the percentage points from the growth of real GDP that includes the total volume of the goods and the services that are exported annually. There have been changes with the premium of insurance to provide the complete signal for the farmers who are involved in the promotion of adaptation (Richards et al., 2016). This also includes the records about the careful crop planting decisions which are made when there are higher risks for the drought. The index needs to be maintained with handling the sensitivity complex effects which are related to the rainfall and the timing or the temperature that are some of the major factors. The insurance of the drought could be a major public or the private concern and the government needs to focus on handling the scheme with premium to cover the costs. There are re-insurance of the markets with providing better way for the private sector and then managing the risks as well. The public and the private insurance schemes are for handling the technical challenges where the issues are related to the weather and the outcomes of the farm (Sippel, 2015).

There have been rise in the prices of the grains and the high livestock pricing which includes the lower Australian dollar and help in supporting the earnings to face the lower production with high input costs. There are lower Australian dollar with boosting the Australian agricultural export earnings.

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With this, there have been agricultural export pricing which is set for handling the Australian goods which compete and help in raising the Australian agricultural pricing.

Here, the contributions are made for working over the Australian larger markets for the agricultural goods where there are 67% of the Australian exports which are in 2017-18. The regional market is American with dominating trade to US. Hence, the Australian largest market includes the two third of the Australian goods which is destined in Asia with 26% of the exports for the markets in South East Asia. The proportions are defined for the agricultural exports with determining Australian geography and the other exporters with the pace of income (Rochecouste et al., 2015). The disparity is mainly in between the exports and then handling the differing stages for the economic development.

Conclusion

Australian market has been limited market for the crops and there are technical problems which have directly hampered the development for the drought insurance markets of Australia. There is a need to focus on the wider range of the adverse events which includes the drought and the other adverse selection problems. The farms with insurance also put less effort for the managing of drought and the problems generally apply to the different forms of insurance with farm management decisions and detailed which is to observe the farm characteristics like land and the livestock.

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