This 11 October 2007 entry (‘Will shifting currency exchange rate differentials (2005-2007) redirect flows of foreign students?’) has always attracted a lot regular visits, perhaps from university students considering international options for their education, and from university and ministry officials.
In response to a reader’s request for an update, I got curious so quickly updated the currency exchange rate differential graph and have inserted it underneath the original, so you can see what has happened since 11 October.
As you can see the most notable diverging currency in 2008, at least with respect to the US$, is the AUS$. Also see this recent entry (‘Analysing Australia’s global higher ed export industry’) for more information on the Australian scene.
I am curious how long the strong inflow numbers to Australia can continue given the rising strength of the AUS$ against that of the US, the world’s No. 1 foreign student destination, and location of most of the world’s highly ranked universities. But then again students and parents think about much more than exchange rates.
For example, the trends evident in ‘Analysing Australia’s global higher ed export industry’ should be related to these figures on tremendous increase in the number of Asian students, a social and demographic transition that Australia has managed to hook into, such that many students are angling for landed immigrant status above all. Thus, despite some critiques of the level of quality of higher education services on offer (partly spurred on by structural changes profiled in graphs like these), and the currency exchange rate differentials noted above, Australia’s export promotion machine appears to be chugging along.