Despite the tensions, Australia-China has increased its trade turnover

Despite the tensions, Australia-China has increased its trade turnover


The year 2020 will see Australia-China relations in many fields from politics, diplomacy, economy-trade, … decline unprecedented. However, new statistics show that, despite these facts, Australia-China trade is still on the rise.

In the middle of the ladder, Uc-China is still happy
China has put diplomatic pressure, stopped importing lobster from Australia, which is almost entirely exported to China every year.

According to the statistics that the Australian Bureau of Statistics has just announced, in the first 11 months of 2020, the value of two-way trade between Australia and China reached 208.8 billion AUD, higher than in 2019. In which, Australia imported goods worth 76.3 billion AUD, up 5% over the same period last year.

Notably, because more at home, Australians also buy many items such as home appliances and office, home from China.

In terms of exports, although demand for iron ore soared and prices rose and China imported more liquefied natural gas (LNG), overall, the total value of Australian goods exported to China still fell by 2%. year on year it was only 132.5 billion AUD. In which, coal exports decreased by 44% compared to the average level in 2019.

These figures show that, in the context of the political and diplomatic relations between Australia and China to the lowest level ever, the value of goods exchanged between the two sides is still unaffected. much.

Although the statistics of two-way trade between Australia and China in the 11 months of 2020 are not too bad, the Australian public opinion is probably not so optimistic. In fact, in the last two months of the year, China only issued many high-impact trade restrictions such as stopping Australian imports of wine or coal, so these decisions did not have much impact on the statistics. millet is published today.

In 2020, after Canberra called for an independent investigation into the occurrence and spread of Covid-19 in China, Beijing enacted a series of trade measures aimed at reducing the import of goods. from Australia: such as anti-dumping tax and anti-subsidy tax on Australian barley, ban on import of beef from 6 Australian slaughterhouses, stop importing wine, coal, stop importing logs from 6 in a total of 8 states and territories of Australia …. affecting many economic sectors of this country.

Observers said that the trade turnover between the two countries in December 2020 may start to have a stronger adjustment. And from this year, the trade restrictions imposed by China on Australian goods are likely to have a more pronounced impact on the country’s exports.

It is estimated that many sectors of Australia are continuously affected by import duties, in which the barley and wine industries are heavily affected. The value of export revenue could be lost from 2 to 4 billion USD.

Meanwhile, the stone lobster export industry brings profits of half a billion USD per year for Australia. At normal times, 94% of Australian lobster production is exported to China.

Jinhua

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