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Australia’s trade surplus hit 6 month high in December, despite tensions with China – CNBC
While China remains Australia’s single biggest market, exporters are finding willing buyers elsewhere for goods targeted by Beijing’s trade restrictions.
Australia’s trade surplus rose to a six-month high in December as iron ore exports to China easily weathered diplomatic squalls between the two countries, while coal shipments found new buyers beyond the world’s second-largest economy.
China’s reliance on steel-intensive infrastructure and construction to sustain economic growth means it has little choice but to keep importing Australian iron ore, even as prices for the mineral hit multi-year highs.
Data from the Australian Bureau of Statistics…
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