Australian businesses showing the way to embrace China’s economic rise, can the politicians please catch up? Aussie business demonstrating how to leverage – China’s economic rise during its cruise control mode.
1. China is the largest buyer of Oz minerals and agriculture, fourth biggest customer in manufacturing
2. 35% of all Oz exports in q2 2013
Not since the wool boom of 1950 has Australia been so reliant on a single trade relationship. Even Japan in the early 1970s and late 1980s was not as significant, according to data from the Australian Bureau of Statistics…
…In the second quarter of 2011, China surpassed Japan as the number one destination for Australian rural exports. Meat, oil seeds, cotton and dairy products have seen growth of between 50 per cent and 400 per cent over the past three years. Australian wheat exports could reach 4 million tonnes this season, making China the number one buyer ahead of Indonesia
More official figures from the Australian Department of Foreign Affairs & Trade on Oz trade with China here.
On the other hand, read this for another perspective from Bloomberg.
Here’s the real crisis in Australia
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Australia-China trade no longer just a resources story
By Angus Grigg and Lisa Murray
Source – Australian Financial Review, published August 21, 2013
China is not only the largest buyer of Australian minerals, but also the number one purchaser of agricultural products and has surged past Singapore and South Korea in recent years to be the fourth largest buyer of our manufactured goods. Photo: Bloomberg
Australia has become more reliant on China as a buyer of its exports than any other trading partner in the past 63 years, surpassing the dependence on Britain after World War II.
In the second quarter of 2013, China bought 35.4 per cent of all Australian exports, a new record high and more than double the level of five years ago.