China on track for record share of Australian exports
Australia is on track to be more dependent on China for its exports, according to latest trade data, despite the trade tensions that emerged last year between the two countries.
By Kevin Morrison, Argus Media
11 January 2021
China was the destination for 33.5pc of Australia's exports during January-November 2020, above the previous record of 30pc in 2019. But the value of Australian exports totalled A$132.49bn ($90.32bn) during January-November compared with A$148.4bn in 2019, according to the Australian Bureau of Statistics (ABS).
China imposed various trade sanctions on a group of Australian exports, including barley, beef, coal, copper, lobster, certain wood products and wine since Canberra earlier last year called for an independent inquiry into the origins of the Covid-19 coronavirus. Australia also banned Chinese telecommunications company Huawei from building 5G telecommunications networks. Australia in November said it was considering taking China to the World Trade Organisation over import tariffs on barley.
The higher dependency on Chinese buying of Australian exports largely reflects the increase in iron ore prices last year because of China's firmer than expected demand and supply problems from Brazil. China buys more than 80pc of Australia's iron ore exports...
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