Australia has recorded its highest ever monthly exports to China with $US13.2 billion ($17.26 billion) worth of goods headed to the Asian country in March.
According to figures released by China’s customs agency, quarterly exports to China rose by 20.9 per cent compared the first quarter of 2020.
Australian good exports to China for the quarter were valued at $33.73 billion. Additionally, Chinese imports to Australia rose by more than 50 per cent for the quarter.
These figures come in the wake of China’s attempts at banning Australian coal, circa October 2020, at which time coal exports to China dropped by almost 50 per cent.
Australia’s resilience has shone through over the last year, as Australia’s Minister for Resources, Water and Northern Australia Keith Pitt said in January, the country had been able to find other pathways for its abundance of resources.
“Coal was worth $3.7 billion to the Australian economy in December alone as exporters looked to fill gaps in international markets and made the most of the increase in thermal coal prices,” Pitt said at the time.
“Coal sales to Vietnam and India were stronger, reaffirming the competitiveness of Australian coal and its reputation for high quality in global markets.
“This again reinforces the importance of coal as an Australian export commodity and that it will remain so for many years to come.”
More than 20 per cent increase in exports to China came in the wake of a less than ideal run through January.
The month saw a five per cent drop in iron ore exports to China, while the effects of Cyclone Lucas through Western Australia’s Port Hedland also affected exports to China.