Australia’s merchandise trade surplus reached a record high in June, up 30 percent from the previous month. Total exports to China also broke a record in the first half of the year, up 16 percent, mostly due to a surge in iron ore exports to China, and a 28 percent increase in meat exports. Many of Australia’s export figures were record-breaking.
China’s import figures also show that Australia’s share rose to 6.1 percent, also a record high.
China now relies on Australia for 60% of its total iron ore imports, in other words, without Australian iron ore, the impact on Chinese industry and infrastructure would be enormous.
In the past year, as Australia proposed to investigate the source of the new pneumonia, Australia-China relations fell to a new low since the Cold War, and China has proposed a boycott of Australian goods, but so far only Australian lobster and red wine have been hit.