Why would the United Kingdom previously have received nearly 60% of Australian exports?

1. Historical Ties: Australia and the United Kingdom have a long history together, with the UK being the colonial power that established Australia. This historical connection has led to strong economic ties and trade relations between the two nations.

2. Commonwealth Membership: Both Australia and the UK are members of the Commonwealth, an intergovernmental organization of 54 countries, most of which are former territories of the British Empire. This membership facilitates trade between member countries.

3. Similar Standards and Regulations: Due to their shared history, Australia and the UK have similar standards and regulations, which makes trade between the two countries easier and more efficient.

4. Geographic Proximity: Although Australia and the UK are not geographically close, the UK has traditionally been a gateway for Australian goods to enter the European market.

5. Demand and Supply: The UK has a high demand for certain Australian exports, such as coal, iron ore, and wine. On the other hand, Australia has the capacity to supply these goods, which has led to a high volume of exports from Australia to the UK.

However, it's important to note that this has changed over time. With the rise of Asian economies, particularly China, the share of Australian exports going to the UK has decreased significantly. Today, China is Australia's largest trading partner.