Trade and investment China is Australia's largest two-way trading partner in goods and services, accounting for nearly one third (32.2 per cent) of our trade with the world.
China is Australia's greatest two-way trading partner in products and services, making up close to one-third of the nation's international trade, as per the Australian Department of Foreign Affairs and Commerce. Australia, on the other hand, is China's fifth biggest source of imports and 10th largest export market.
Australia-China In 2021, Australia exported $138B to China. The main products that Australia exported to China were Iron Ore ($95.7B), Petroleum Gas ($15B), and Gold ($5.86B). During the last 26 years the exports of Australia to China have increased at an annualized rate of 17.2%, from $2.24B in 1995 to $138B in 2021.
Australia is one of the most multicultural countries in the world, and home to the world's oldest continuing culture. We have a highly skilled workforce and a proud history of democracy and stable government.
For iron ore, it remained the largest supplier for China even when relations soured. In 2022, China bought 1.1 billion tonnes of iron ore, 65% of which were from Australia. For Beijing, commodities from Australia are important for its efforts to revive the pandemic-hit economy.
Resources and energy also play an important role in the China-Australia investment relationship. China is an important source of foreign investment in Australia. Foreign investment in Australia means greater infrastructure, more productivity and more jobs for Australians.
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.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
They attracted exports worth A$472 billion in 2021–22. This represents almost 80% of Australia's total exports of goods and services. China currently receives around 30% of our goods and services exports. More than 40% of our exports go to Japan, Korea, India, the US, Taiwan and Singapore.
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
China entered into diplomatic relations with Malaysia, Thailand, the Philippines, Bangladesh and Maldives in Southeast Asia and South Asia, seven countries including Iran, Turkey and Kuwait in West Asia and the Middle East and five countries in South Pacific such as Fiji and Papua New Guinea.
The worth of financial assets would fall by one fifth on average, and by one quarter in Australia. An end to trade across a bamboo curtain would hit Australia, since we export more resources to China than anywhere else and we import more goods from China than anywhere else.
The Australia–China trade war is an ongoing trade war between Australia and China. The exact date of when the trade war began is debated, however it is understood it began in either 2017 or 2018.
China has reportedly removed all the remaining restrictions on Australian coal imports, signaling an end to trade restrictions imposed in late 2020. The move will further enhance the business confidence of those engaging in bilateral trade between the two countries.
In a book titled 1421: The Year China Discovered the World Gavin Menzies claims that in the 1420's several fleets of Chinese ships sailed around the world, making contact with many countries before Europeans explored them, including Australia.
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
China is Australia's largest two-way trading partner in goods and services, accounting for nearly one third (32.2 per cent) of our trade with the world.
The bilateral economic relationship continues to develop rapidly. In late 2007 China overtook Japan to become Australia's largest trading partner, and in 2009 became Australia's largest export market. Australia is China's seventh largest trading partner.
Both countries are actively engaged economically, culturally and politically which spans numerous organisations such as APEC, East Asia Summit and the G20. China is Australia's largest trading partner, and has invested in Australian mining companies.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong.
Australia's GDP, which is roughly $1 trillion, is smaller than that of the United Kingdom. On the contrary, the UK's GDP is $2.4 trillion, yet Australia's low GDP fits well with its 24 million people, whereas the UK's 65 million people are spread thin.
8 billion). The trade relationship is complementary, with Australia's major exports including iron ore, coal, natural gas and beef, and our major imports from the ROK including refined petroleum and cars.
Imports The top imports of China are Crude Petroleum ($208B), Integrated Circuits ($171B), Iron Ore ($146B), Petroleum Gas ($56.6B), and Copper Ore ($52.4B), importing mostly from South Korea ($158B), Japan ($153B), United States ($151B), Australia ($138B), and Chinese Taipei ($126B).
At $20.49 trillion, the United States boasts the largest economy in the world and is China's largest trading partner. Last year, the total value of bilateral trade between the two countries was $737.1 billion, with U.S. imports from China valued at $557.9 billion and U.S. exports to China valued at $179.3 billion.