Alexa

China becomes Australia's No. 1 trading partner

China becomes Australia's No. 1 trading partner

China has overtaken Japan as Australia's number one trading partner, according to official figures released yesterday.
The Australian Bureau of Statistics said that Australia's trade with China was worth 50.5 billion Australian dollars (US$41.4 billion) in the 12 months to July, while trade with Japan reached 49.7 billion Australian dollars.
It is the first time in 36 years that Japan has not topped the list of Australia's international trade partners.
"This is very much a big deal. For the past 36 years, Japan has retained the mantle of Australia's largest trading partner," Commsec chief equities economist Craig James said. "Now that mantle is held by mainland China."
Japan remains the main destination for Australian exports at 32.4 billion (Australian) dollars, while China is the main supplier of imports to Australia at 27.5 billion Australian dollars.
James said Australia-China trade had doubled in the past three years as the Asian giant's industrialization had created huge demand for resources.


Updated : 2020-12-02 10:50 GMT+08:00