Australia’s exports to China hit new highs in March as shipments of iron and coal surged after the recent warming of bilateral ties.
Data on Thursday showed exports of Australian goods to China rose to A$19 billion ($12.7 billion) in March, 31% above 2022 and even above a previous peak in mid-2021.
The jump helped lift Australia’s total trade surplus to its second-highest on record – A$15.3 billion, a boon to mining profits and tax receipts.
Export volumes of iron ore lumps and iron ore fines to China jumped 24% and close to 18% respectively from a month earlier, data from Australian Bureau of Statistics showed.
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Shipments of thermal coal to China surged 125% by volume in March from February, offsetting a drop in exports to Japan.
Beijing effectively ended an unofficial ban on Australian coal in January, allowing customs clearance for the first time since 2020 when it launched trade curbs on a series of Australian products as ties froze in the early days of Covid.
Following a leaders meeting late last year, China and Australia agreed last month to resolve a World Trade Organization dispute over Chinese barley tariffs within three months.
However, reviving trade is proving more challenging than stopping it in the first place, Reuters reported.
- Reuters with additional editing by Jim Pollard
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