AUSTRALIAN reported a record trade surplus in the 12 months ending in June due to surging exports to China, which comprise almost half of goods exports, reported London's Financial Times.
Exports to China hit a record A$14.6 billion (US$10.4 billion) in June, underpinned by the country's economic reopening and Beijing's aggressive stimulus plan after the coronavirus lockdown.
The measures have sparked a surge in demand for Australian commodities, such as iron ore and coal, with exports to China comprising 48.8 per cent of all goods exports in June, up from about a third in February, and worth 8.5 per cent of gross domestic product.
'China's share of Australian exports is growing despite political headwinds,' said National Australia Bank economist Tapas Strickland. 'The sharp rebound in goods exports comes as China aggressively stimulates its economy, seemingly outweighing recent political headwinds.'
SeaNews Turkey
Exports to China hit a record A$14.6 billion (US$10.4 billion) in June, underpinned by the country's economic reopening and Beijing's aggressive stimulus plan after the coronavirus lockdown.
The measures have sparked a surge in demand for Australian commodities, such as iron ore and coal, with exports to China comprising 48.8 per cent of all goods exports in June, up from about a third in February, and worth 8.5 per cent of gross domestic product.
'China's share of Australian exports is growing despite political headwinds,' said National Australia Bank economist Tapas Strickland. 'The sharp rebound in goods exports comes as China aggressively stimulates its economy, seemingly outweighing recent political headwinds.'
SeaNews Turkey
