Australia export to China saw record growth in March

 

Australian exports to China have surged this year. This is basically due to the ease in ban from China for Australian goods. According to China import data reports, the bilateral trade between the two crossed over 150 billion dollars during the financial year 2022. China is among the major export markets for Australia.

Our latest China import export data source reflects that approximately 102 billion dollars imports were made by China from Australia in 2022. The top Australian exports to China include iron ore, petroleum products, coal, wheat, coal, barley, pulses, etc.

On the other hand, China exports to Australia totaled around 83 billion dollars during the fiscal year 2022. As per China export data reports, computers, electronic, electrical equipment, pesticides and chemicals were among China's major exports to Australia.

In March 2023, Australia made record export shipments to China with a 31% increase. As per the Australia export data, around 12.7 billion dollars of exports were made by Australia during March 2023.

Australia's iron ore exports saw significant growth of 24%. Thermal coal exports from Australia were record high. Australia's thermal coal exports to China were increased by 125% during March and February 2023.

Australia's agricultural exports were all time high during the fiscal year 2022. Australia has now begun to export barley to China as soon as the ban was lifted by Australia. Earlier around 80% of the tariff was imposed on Australian barley during covid period. Coal, timber, lobster and wine were among other banned items.

According to the Australia import export data, there was around a 40% increase in the copper export shipments from Australia to China. China did a significant amount of Agricultural imports from Australia during FY 2022.

As per the China customs data reports, the major imported goods from Australia includes wool, barley, rock lobster, table grapes, etc. Whereas, if we see China's last five year agri imports from Australia, there is a tremendous amount of growth in Australian crop imports by China.

According to the Australia customs data reports,  the major crop imports by China from Australia in terms of import value were barley ($1.1B), Wheat ($360M), Canola ($140M), Pulses ($3M) and Overall crops ($1.6B).

China has also resumed the imports of timber from Australia. Earlier, China's timber imports from Australia were worth around 1 billion dollars before the covid period. Current statistics suggest that Australia's timber exports to China are worth 600 million dollars during the fiscal year 2023.

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