What does Australia mainly trade with China?

What does Australia mainly trade with China?

Iron ore, gas and coal make up the bulk of Australian exports to China (more than AUD 79 billion), but Australian service industries – led by education and tourism – are a growing part of the trade relationship.

How much of Australia’s trade is with China?

Those exports with a dominant Chinese market share were worth $123 billion in 2019, which was 32% of Australia’s total exports. The impracticability of diversification is most obvious in iron ore….China’s share of Australia’s exports.

How does Australia benefit from trading with China?

Key outcomes include: China providing Australia with its best ever services commitments. Reduced labour mobility barriers and improved temporary entry access. Duty-free entry on 96 per cent of Australia’s goods exports on full implementation of the Agreement.

What is Australia’s relationship with China?

China is Australia’s largest two-way trading partner in goods and services, accounting for nearly one third (31 per cent) of our trade with the world. Two-way trade with China declined 3 per cent in 2020, totalling $245 billion (Australia’s global two-way trade declined 13 per cent during this period).

How does the China free trade agreement help Australia?

The agreement unlocks significant opportunities for Australia in China, which is Australia’s largest export market for goods and services, accounting for nearly a third of total exports, and a growing source of foreign investment. See how ChAFTA will benefit many different Australian industries in our factsheets.

Who is the biggest trading partner of Australia?

The data presented below is on a merchandise (goods) trade, current price, original basis. China is Australia’s biggest trading partner for both the export and import of goods. Figures 1 and 2 below shows the dominance of China, with 39% all goods exported in 2019-20 going to China, while 27% of all goods imported were from China. Figure 1.

Is there a trade war between Australia and China?

“It’s been a really long time,” DFAT’s Elly Lawson added. Everything you want to know about Australia-China trade war but were too afraid to ask. Dr Gordon noted Australian coal exports were only down by 8 per cent, given an increase in demand from countries including India and Japan.

How many goods does China import from Australia?

Total imports China United States of America Japan Thailand Germany South Korea Malaysia Singapore New Zealand United Kingdom All other countries 0 20,000 40,000 60,000 80,000 100,000 Figure 2. Total imports ($m) of goods, by source country, 2019-20 (a)