Nearly one-third of Australian goods and services trade is hinged to China market. The relations between Canberra and Beijing have become stronger. Australia’s economic reliance on China is stark — most countries with a similar or larger proportion of exports to the world’s No. 2 economy are developing nations. For Australia, the economic relationship is not just about shipping metals. While China’s thirst for these hasn’t waned, it’s now complemented by demand for everything from tourism to wine and vitamins. China, a major importer of Australia agricultural and commodity products.
The China-Australia Free Trade Agreement, signed at the end of 2015, commits both countries to reviewing market access arrangements across a host of sectors, as well as the framework covering investment, within three years. Australia’s exports in services to China is valued at around US$11.1 billion, making China the largest service market in Australia. China is also Australia’s largest source of tourism revenue and one of its fast-growing service imports.
Top 10 Australian Imports from China–
- Electronic equipment
- Furniture, lighting, signs
- Clothing (not knit or crochet)
- Knit or crochet clothing
- Iron or steel products
- Toys, games
- Mineral fuels including oil
Australia’s main imports from China are manufactured goods, which is led by telecommunication equipment, IT products, furniture and homewares. Australia is among the top three nations importing products into China using Alibaba platform Tmall, according to Tmall Global’s 2018 consumers report. Australian-grown and made consumables are highly coveted in China and the vice versa. Even as the world has come to rely on Chinese products, Australian goods have become hot commodities in China.
More than one third (36%) of Chinese online shoppers said the Australian goods are value for money and 32% believed they are safe. Since the 1980s the two countries have built up a range of common bilateral and regional interests, including strong economic ties.