According to the Observatory of Economic Complexity

(OEC), Australia exports 152 products that display the characteristics of comparative advantage. The OEC defines this in slightly different terms than the generally accepted definition. They suggest that a comparative advantage is revealed by a country having a larger share of global exports than would normally be expected considering the overall size of its export economy and the actual size of the products’ global market. In 2016, Australia had exports of just under $200 billion.

Among the products in the comparative advantage category were items as diverse as animal hides, arts and antiques, glass, and vegetables.

Examine the report on Australia’s comparative advantage, which can be accessed at the website of the Australian Council of Learned Academies (https://

acola.org.au/wp/reports-library). The report provides a comprehensive appraisal of the comparative advantage products and sectors; it also suggests how the country can move to secure its position in the future. What are the key steps that Australia should take? Apply this approach to your own country. Identify any comparative advantages and then suggest ways in which these can be protected and developed into the future..L01