China is Australia's largest two-way trading partner in goods and services, accounting for nearly one third (31 per cent) of our trade with the world.
Today, China is Australia's largest trading partner in terms of both imports and exports. Australia is China's sixth largest trading partner; it is China's fifth biggest supplier of imports and its tenth biggest customer for exports.
While China is economically critical for Australia, the reverse is less true. Some 70% of Australia's exports are resources for which there are alternative suppliers. Iron ore exports, which depending on price equate to up to 10% of Australian GDP, are important.
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.
China is Australia's number one export market, our largest source of international students, our most valuable tourism market, a major source of foreign direct investment and our largest agricultural goods market.
The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China).
About a fifth of Australian beef by volume go to China, which relied on Australia for about 7% of its imports in 2021.
At the same time, Australia's economy largely relies on China. A report from PriceWaterCoopers released in August 2019 called China Matters said that if China's economic relationship with Australia waded, it could cost Australia half a million jobs and around $140 billion.
Pakistan is the country in the world that is the most influenced by China, according to a new study that measures Beijing's expanding global sway.
Currently, 14.1 per cent of Australia's agricultural land is foreign owned, and China is the largest foreign owner (2.3 per cent). China is also the third-largest stakeholder of Australian water behind Canada and the US, owning 604 gigalitres or 1.5 per cent of the total Australian water entitlement.
The main products that Australia exported to Russia were Aluminium Oxide ($420M), Bovine ($43M), and Peptones ($10.6M). During the last 25 years the exports of Australia to Russia have increased at an annualized rate of 10.7%, from $45.9M in 1995 to $585M in 2020.
The person who holds the most land in this pastoral-lease data, by far, is the Western Australian mining magnate Gina Rinehart, who controls 9.2m hectares, or 1.2% of Australia's landmass, through three different corporate entities. The biggest corporate landholder is the ASX-listed Australian Agricultural Company.
“Tasmania has quickly returned to the top of the economic leader board, courtesy of consistently high rankings for the eight economic indicators,” Mr James said. “Queensland is also a stand-out – its best overall ranking. And the ACT impressively leads the economic rankings on three of the eight economic indicators.
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.
China has established the world's largest social security system and education system, with more than 1.3 billion people covered by basic medical insurance and education at all levels having reached or exceeded the average level of middle and high income countries.
BEIJING — The U.S. economy could lose more than $1 trillion worth of production and long-term global competitiveness if the White House pursues a sharp separation with China, according to a report released Wednesday by the U.S. Chamber of Commerce and Rhodium Group.
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.
It maintains significant ties with ASEAN and has become steadfastly allied with New Zealand, through long-standing ties dating back to the 1800s. The country also has a longstanding alliance with the United States of America.