Issued on 15 Sep 20
In August, Australia's exports to China plummeted
The latest information released by the Australian Bureau of Statistics shows:
# In July of this year, the country’s import and export trade surplus was only 4.607 billion Australian dollars.
# There was a 36.6% drop year-on-year, which was a sharp drop of 43.8% from the 8.202 billion Australian dollars in June.
# The total export value in July was only 344.96 Australian dollars, a 4% contraction from the previous month, and the import value was 29.89 billion Australian dollars, an increase of 7% from the previous month.
According to Bloomberg News, citing the latest data released by China Customs on Monday, China’s imports from Australia fell 26.2% year-on-year to US$8.81 billion in August, while China’s total imports fell 0.5% that month. China's imports from Australia fell faster than all other countries and were the largest drop.
In July, according to data from the Australian Bureau of Statistics, Australia's merchandise exports to China fell 16% year-on-year, with exports of iron ore and coal falling. Between March and June, Australia’s strong export sales to China changed dramatically.
However, according to Chinese official data, China’s imports from Australia fell by only 7.2% in July, which may reflect the time delay between the two countries and exchange rate changes. In summary, data from Australia and China in July and August show that China-Australia trade has experienced a short-term sharp decline.
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