Australia Sees Record High Trade Surplus Despite China's Trade Sanctions

The Chinese regime's trade war on Australia appears to be backfiring after strong demand for Australian exports have resulted in the nation recording its fourth-highest trade surplus.

Preliminary international trade figures released by the Australian Bureau of Statistics on Monday show Australia recorded a $9 billion goods trade surplus in December, up from $7.4 billion in November.

While imports from China fell by $641 million or 7 percent, exports to China increased by $2.3 billion or 21 percent in December, driven primarily by iron ore and wheat.

China paid 9 percent more per tonne for iron ore in December compared to in November while total iron ore exports increased by 15 percent.

"The result is the second-highest total value of Australian goods exports ever, down just 2 percent on last year's record high."

Among Australia's largest coal export destinations, coal exports rose with India up $272 million or 38 percent, Japan up $237 million or 27 percent, and South Korea up $148 million or 48 percent.

Exports of wheat to China made up approximately one-third of total wheat exports after nil exports since August 2020, while approximately 42 percent of barley exports headed for Saudi Arabia.

https://www.theepochtimes.com/australia-sees-record-high-trade-surplus-despite-chinas-trade-sanctions_3670947.html