The main products that China exported to Australia are Computers ($4.97B), Broadcasting Equipment ($4.09B), and Other Furniture ($1.82B).
China buys more of Australia's agricultural produce than any other country. ChAFTA provides Australia with an advantage over our major agricultural competitors, including the United States, Canada and the European Union. It also counters the advantages Chile and New Zealand have enjoyed through their FTAs with China.
China's economy, the world's second largest, is critical for Australia's fortunes and those of many of its neighbours. China buys about a third of Australia's exports, equal to those shipped to Japan, South Korea, the US and India combined.
More recently, Japanese investment into Australia has been expanding into renewables; financial services; infrastructure; information and communications technology; property; food; and agribusiness. Japanese investment continues to play a significant role in the development of the Australian economy.
The main products that South Korea exported to Australia are Refined Petroleum ($3.32B), Cars ($2.36B), and Self-Propelled Rail Transport ($231M). During the last 26 years the exports of South Korea to Australia have increased at an annualized rate of 7.03%, from $1.66B in 1995 to $9.7B in 2021.
China remained Australia's largest trading partner in 2021–22, accounting for 27% of our two-way trade. Japan and Korea account for a further 18%. Many Australian companies are diversifying their export markets, and the ASEAN region now accounts for 14% of total trade.
Australia is China's sixth largest trading partner; it is China's fifth biggest supplier of imports and its tenth biggest customer for exports. Twenty-five per cent of Australia's manufactured imports come from China; 13% of its exports are thermal coal to China. A two-way investment relationship is also developing.
Oliver estimates that the worst-case scenario would see Australia bruised by a 6 per cent hit to Australia's GDP, or around $83.5 million. “So far the impact is minor at a macro economic level as affected exports are around 0.3 per cent of GDP.
Seafood. Australian abalone and rock lobster (including some other sea crawfish) are the leading Australian premium seafood exports to China, with exports worth $61 million and $184 million, respectively, in 2017. Tariffs on all Australian seafood exports were eliminated on 1 January 2019.
China has been Australia's top consumer of iron ore for decades, accounting for 80 per cent of our exports of the mineral in 2021. Export revenue has delivered long-standing profits to Australian miners and boosted the country's tax revenue.
China remained Australia's largest two-way trading partner in 2018-19 and was our largest export market and import source. Two-way trade with China surged past $230 billion, well over double the second ranked trading partner, Japan.
In total, other territories hold about $7.4 trillion in U.S. debt. Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion.
In 2021, a remote coal town in northeastern China was forced to undergo an unprecedented financial restructuring.
Despite the rapid growth, less than 1 percent of the U.S. food supply comes from China. For a few specific items, like apple juice, garlic, canned mandarin oranges, fish, and shrimp, China is a major supplier.
The subsequent changes that China made to its trade policies have been interpreted as political retaliation and economic coercion against Australia. China started softening its trade policies towards Australia in late 2022 and 2023, leading to a thaw in relations.
China is largely dependent on Australia and Brazil for the iron ore needed to fuel its enormous steel-making capacity. It is believed domestic production currently makes up less than 20 per cent of its needs. These measures will not change China's reliance on Australian iron ore, at least not in the next two years.
Australia ranks second among all countries due to its high quality of life, according to the United Nations. One of the finest nations in terms of economic prosperity, educational attainment, health status, and general quality of life.
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.
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.
Individuals income tax. Individuals' income tax is the single most important source of government revenue. Since the mid 1970s it has consistently raised around half of the Australian Government's tax receipts and continues to be a stable and predictable source of revenue.