Australia’s exports hit record highs despite Beijing’s economic coercion

Australia’s exports reached a record $ 36 billion ($ 28 billion) in April against the backdrop of soaring iron ore prices.

Preliminary monthly transaction data According to the Australian Bureau of Statistics (ABS), Australia’s trade goods surplus has grown to $ 10.1 billion ($ 7.9 billion), the third highest ever.

“Exports are stable, increasing by $ 12.6 million in April, but decreasing by $ 1.9 billion, adding to the already strong surplus recorded in March 2021,” said ABS International Statistical Responsibility. Person Andrew Tomadini said.. “The continued strength of metal-containing ores contributed to total exports in April 2021 and reached a record $ 36 billion.”

Exports of metal ore, including iron ore, increased 1% from March to a record $ 16.5 billion.

David Plank, head of Australia’s economic sector at ANZ, expects GDP to be more modest in the March quarter than it was in the previous quarter, when it recorded a significant rise after deregulation began.

“If we get more than 1% to be corrected, we can say that GDP has recovered to pre-COVID levels. That’s certainly our expectation.” Planck said Australian Financial Review.

Other notable changes include an 8% increase in coal, a 31% increase in petroleum, and a 55% increase in medicines and pharmaceuticals.

India’s demand for Australian coal has also increased steadily since mid-2020, rising 167% in April.

Epoch Times Photo
Exports of Australia by country. (Australian Bureau of Statistics, 2021)

Despite Beijing’s ongoing economic coercion campaign, commodity exports to China have increased by 4 percent against the backdrop of gold and iron ore exports.

Iron ore prices have risen to as much as $ 230 per ton, but as China moved away from Australia as China turned its attention to mines in Africa, iron ore prices began to fall.Iron ore is fluctuating, according to Commonwealth Securities Up to $ 191.65 per ton today.

Trade sanctioned industries such as coal, wine, barley and beef have recovered significantly as they scrambled to diversify their export destinations.

Wine exports were also able to recover by looking at European and American markets after China’s demand fell 96%.

“For now, the bark in Beijing is worse than a bite,” said an economist at the Lowy Institute. Roland Raja said Financial Times.

“In the sanctioned areas, exports to China have collapsed, but most of this lost trade seems to have found other markets.”

Meanwhile, Australian imports declined, with the largest declines from the United States and the United Kingdom. However, Japan had the largest decline in imports over the past 12 months, followed by Malaysia and Germany.