Best answer: Does Australia have a trade surplus with China?

Despite ongoing tensions between Australia and its largest trading partner, exports to China increased $2.3 billion or 21 per cent in December, resulting in a $5.2 billion trade surplus, driven primarily by iron ore and wheat.

Does Australia have a trade deficit with China?

Australia’s trade surplus for goods fell to a two-year low in November hit by a slump in exports to top trading partner China, which imposed a number of restrictions in an escalating trade dispute.

Which countries have trade surplus with China?

China incurred the highest trade surpluses at the expense of the following countries.

  • United States: US$295.3 billion (country-specific trade surplus in 2019)
  • Hong Kong: $270.6 billion.
  • Netherlands: $62.7 billion.
  • India: $57 billion.
  • United Kingdom: $38.4 billion.
  • Vietnam: $33.9 billion.
  • Mexico: $32 billion.

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How much money does Australia make from trading with China?

Those exports with a dominant Chinese market share were worth $123 billion in 2019, which was 32% of Australia’s total exports.

China’s share of Australia’s exports.

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China’s share of Australia’s exports %
Nickel ore 100
Timber 95
Iron ore 83
Wool 77

Why does Australia trade so much with China?

China is Australia’s biggest trading partner mainly due to China’s strong demand for iron ore, coal and liquefied natural gas. Exports to China helped Australia escape the worst effects of the global financial crisis.

Who is Australia’s biggest importer?

The largest trading partners

Rank Country/District Imports
1 China 78,321
2 Japan 26,967
3 European Union 47,573
4 United States 31,603

What is Australia’s biggest export to China?

Australia is one of the few developed nations on Earth that exports more into China than it imports from China. In the 2018-2019 fiscal year, China took in about 32.6% of all Australian exports — that is about 153.2 billion Australian dollars ($116.79 billion). By far the largest export was iron ore.

What is China’s biggest export?

Searchable List of China’s Most Valuable Export Products

Rank China’s Export Product 2019 Value (US$)
1 Phone system devices including smartphones $224,069,819,000
2 Computers, optical readers $148,463,426,000
3 Integrated circuits/microassemblies $102,187,884,000
4 Processed petroleum oils $38,345,208,000

What if the US stopped buying from China?

What would happen to China’s economy if America completely stopped buying it’s exported products? … Around 4% of China’s GDP and 3% of America’s GDP would temporarily disappear and then reappear as increased Chinese exports to Europe/Russia/Africa/India and increased US imports from those regions.

What food does the US get from China?

The top U.S. import commodities from China are fruits and vegetables (fresh/processed), snack food, spices, and tea – the combined which accounts for nearly one-half of the total U.S. agricultural imports from China.

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Does Australia rely on China?

Australia relies heavily on foreign investment. China ranks only ninth as an investor in Australia, with a 3% share of total foreign direct investment. That investment has grown rapidly in the past few years, but China’s foreign investment is likely to fall as its savings rate falls.

Which Australian state exports the most?

For most industries, New South Wales is the state where the highest number of merchandise exporters are located. The Mining industry is the most notable exception, with Mining exporters most commonly located in Western Australia (43%) and Queensland (25%).

Will China stop buying Australian iron ore?

“First, it would mean too big a disruption to the Chinese economy.” Iron ore imports from Australia are worth $85 billion annually, and so far, the agricultural imports hit by China’s tariffs and bans are worth just $6 billion, he said. “China would not be able to make up its iron ore needs from other sources.”

How much agricultural land does China own in Australia?

CHINESE investors have continued to be the largest foreign entities with an interest (leasehold and freehold) in Australian farmland for a second consecutive year. They increased their investments by 0.5 per cent, bringing Chinese interests’ total area of Australian agricultural land to 9,199,000 hectares or 2.4pc.

What does China buy from Australia?

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.

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Who is allies with Australia?

Overall Australia’s largest trading partners are the United States,South Korea, Japan, China, and the United Kingdom. Australia currently has bilateral Free Trade Agreements with New Zealand, the United States, Thailand and Singapore as of 2007.

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