China’s appetite for Australian iron ore, beef and gold push May exports to 4-year high, despite trade tensions
- Australia exported A$39 billion (US$29.3 billion) in merchandise goods last month, of which China bought A$16 billion, or about 41 per cent
- China’s purchases of iron ore from Australia rose AU$2 billion or 20 per cent over the month, while meat imports increased 28 per cent to A$57 million
Chinese demand for Australian iron ore, gold and agricultural products pushed Australia’s merchandise goods exports in May to a four-year high, new trade data shows.
Australia exported A$39 billion (US$29.3 billion) in merchandise goods last month, of which China bought A$16 billion, or about 41 per cent, according to preliminary data from the Australian Bureau of Statistics (ABS) released on Wednesday.
Despite ongoing political and trade tensions between the two countries, China is by far the leading importer of Australian products, well ahead of No 2 Japan, which bought A$4 billion worth of goods in May.
Imports from the world’s second largest economy helped push Australia’s monthly exports to hit the highest level since 2017, when it was A$26 billion.