Australian trade with China plummets

by | Mar 31, 2021 | Australia, News

The value of Australian trade with China is down 40% across almost all industries since the beginning of the trade dispute, according to the Department of Foreign Affairs and Trade (DFAT). Overall trade is down 2%, saved by strong Chinese demand for Australian iron ore. China blocked imports of products including lobsters and cotton, slapped tariffs on wine and barley and around 40 ships carrying coal have been stranded off the Chinese coast, following restrictions on thermal and metallurgical coal.

The status of trade with China was revealed at a recent Senate estimates hearing with DFAT’s Jennifer Gordon agreeing the trade dispute with China has a bigger impact on the Australian economy than COVID-19’s effect on global trade. Trade minister Dan Tehan’s efforts to reach his Chinese counterparts are still being ignored.