China-Australia trade reaching $202.82 billion in first 11 months of 2022, dropping 4.2%
Published: Dec 07, 2022 03:17 PM Updated: Dec 07, 2022 03:13 PM
China Australia File photo

China Australia File photo

Trade between China and Australia totaled $202.82 billion in the first 11 months of 2022, a drop of 4.2 percent year-on-year, data from China's General Administration of Customs revealed on Wednesday.

The trade data showed that Australia's economic dependence on China is deepening amid strained global supply chain due to the coronavirus and other factors.

In the first 11 months, China's exports to Australia amounted to $71.51 billion, up 20.3 percent year-on-year, and China's imports from Australia fell to $131.31 billion, down 13.7 percent year-on-year.

"As a major producer and exporter of agricultural products and minerals, Australia's dependence on China is deepening, as global supply chain feels the strain," Song Wei, a professor from the institute of international relations at Beijing Foreign Studies University, told the Global Times on Wednesday.

China has been Australia's largest trading partner for 13 consecutive years. Trade volume has surged from less than $100 million in 1972 to over $207 billion in 2021, accounting for 34.2 percent of Australia's total foreign trade in 2021, according to Xinhua News Agency.

The Australian economy and labor market has been impacted by global headwinds due to the country's relatively small population and fragmented manufacturing, and China could be the first choice for Australia to help it overcome the country's current difficulties, Song said.

"Even though the China-Australia relationship has been affected by some political factors, the overall trend for bilateral cooperation remains positive," Song said.

Global Times