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Japan Oceania
Australia and New Zealand were predominantly sources of
food
and raw materials for Japan. In 1990 Australia accounted
for 5.3
percent of total Japanese imports, a share that held
relatively
steady in the late 1980s, while New Zealand accounted for
less than
1 percent. Because they provided raw materials, both
nations had
trade surpluses with Japan. Australia was the largest
single
supplier of coal, iron ore, wool, and sugar to Japan in
1990, while
New Zealand was the second largest supplier of wool.
Resource development projects in Australia attracted
Japanese
capital, as did trade protectionism by necessitating local
production for the Australian market. Investments in
Australia
totaled US$8.1 billion in 1988, accounting for 4.4 percent
of
Japanese direct investment abroad. But, because of the
broadening
reach of Japan's foreign investment, this share had been
declining,
down from 5.9 percent in 1980. During the 1980s, Japanese
real
estate investment increased in Australia, particularly in
the ocean
resort area known as the Gold Coast, where Japanese
presence was
strong enough to create some resentment.
The trade of both Australia and New Zealand had shifted
away
from other Commonwealth of Nations countries toward Asia.
Japan in
particular had emerged as the leading trading partner for
these two
countries. Faced with growing interdependence with Asia,
Australia
joined Japan in actively calling for greater consultation
and
cooperation among Pacific nations. Still, Australia and
New Zealand
faced quotas, high tariffs, and unusual standards barriers
in
exporting agricultural products, including beef, butter,
and
apples, to Japan.
Data as of January 1994
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