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Issued 4 Mar 20
Australian export sea freight drop sharply by 50% in 1st week of
Feb 20 according to ACB news News "Australian Financial Online"
Despite the recent recovery in freight volumes, analysts at JP Morgan Group still point out that Australian sea cargo exports are expected to fall by 2% to 3% in the first quarter of this year and will weigh on Australia's 0.2% GDP growth in the first quarter. It is reported that among Australian exports, marine exports account for up to 75% of total exports.
For Australia, the significant decrease in maritime export volume is also due to the year-on-year decrease in orders from the Chinese market in the current emergency. Data show that in 2019, Australia's total exports to China accounted for about 37.5% of Australia's total exports.
Earlier, an independent research center of the Australian think tank in Australia pointed out in a report that even if the epidemic situation improves before June, the earnings of 18 industries in which Australia has export business with China will suffer losses of 8 billion to 12 billion Australian dollars Contracts of 36.88 billion to 55.3 billion yuan).
Source: ACB News