| two-way trade |
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| 2004-12-08 11:53 |
The economies of China and Australia are complementary. As the seventh largest and one of the fastest growing economies in the world, China has a lot to offer to Australia in terms of market and steady supply of manufactures. Australia , well endowed with natural resources, is in a favorable position to provide China with raw materials and agricultural commodities.
Two-way trade between China and Australia has risen tremendously since the establishment of diplomatic relations between the two countries in 1972. The last decade in particular has witnessed a rapid expansion of the flow of goods and services between China and Australia. As a result, bilateral trade in 2001 grew to US $8.97 billion from less than US $100 million 30 years ago, making Australia our eighth largest trading partner, and China Australia's third largest bilateral trading partner. The trade was in Australia's favor, with China's imports of goods from Australia valued at US $ 5.43 billion.
China is a major market for a number of Australian rural and mineral commodities. For example, it imports over one-third of Australian wool exports. Its imports of aluminum dioxide and iron ore from Australia are significant, valued at US $ 942 million and US $523 million respectfully in 2001 and set to grow in the years to come. In recent years, manufactured goods from Australia such as machinery, aluminum and copper have also been on the increase.
China is also a major supplier of quality and inexpensive manufactured goods for Australia. China's exports to Australia, valued at US $3.57 billion in 2001, were mostly composed of finished products. While labor-intensive goods such as textile, garments, footwear and toys continue to dominant China's exports picture, its share and importance has diminished considerably. Machinery, equipment and hi-tech products nowadays represent more than one third of China's exports to Australia.
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