BLUFThe diversification of Australia’s exports and imports since China started imposing trade barriers has been significant and highlights importance of not being dependent on any one country.
This article written by David Uren for The Strategist make a number of points as follows:
- Australia’s exports with China , which peaked at 42.1% a year ago, was down to 29.5% in the 12 months to August 2022
- China’s share of Australia’s imports has also started to fall as Australian companies seek to diversify their supply lines.
- South Korea, India, Taiwan and the ASEAN group—now accounts for a larger share of Australia’s trade
- EU (coal) and India are expanding markets
- Australia still remains more exposed to China on both imports and exports than almost any other nation
Recent Runway Posts related to this topic:
- Beijing’s ban on Australian coal is hurting China – The Runway (airforce.gov.au)
- US has 'enormous respect' for how Australia is standing up to China's 'economic coercion' – The Runway (airforce.gov.au)
References from the Web :
- MAR 2022 Australia Looks to Reduce Dependence on China Due to ‘Coercion’ - Bloomberg
- JUN 2022 The sheer size of the China trading relationship is why Australia has to share its feasts and famines with Beijing – The Guardian .
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