Australia’s goods trade surplus fell to a two-year low in November, hit by a slump in exports to its largest trading partner China. The China-Australia trade dispute has been escalating and China has imposed many restrictions on its imports.
Preliminary data released by the Australian Bureau of Statistics (ABS) on Wednesday (Dec. 23) showed a goods trade surplus of just A$1.9 billion last month, down sharply from A$4.7 billion in October. This is the first time since November 2018 that Australia’s monthly goods trade surplus has fallen below the A$2 billion mark.
The data also showed that exports to China fell by A$1.2 billion, or 10%, in November, while imports from China increased by A$889 million, or 11%.
China banned coal imports from Australia and imposed high tariffs on a range of agricultural and fishery products, including barley, beef, lobster and wine, after Australia angered Beijing by calling for a global investigation into the source of the new crown outbreak.
The preliminary trade data does not include services. The Australian Bureau of Statistics will release its final trade estimates for November on Jan. 7.
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