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Australia The ONE Australian export China can't live without as sales hit record

06:15  24 november  2020
06:15  24 november  2020 Source:   dailymail.co.uk

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Australia 's biggest export could become a key geopolitical weapon amid rising tensions with China , writes business editor Ian Verrender. Australian exports of meat, timber, cotton, coal, barley, wine and seafood have been targeted by Chinese authorities this year as tensions have escalated.

Tensions between China and Australia have been simmering for a while now and the rocky relationship could be about to head After hitting our barley and then our beef exports , now it seems China could be turning its back on a big chunk of What could happen to Australian exports today?

Xi Jinping et al. posing for the camera: MailOnline logo © Provided by Daily Mail MailOnline logo

Australia's iron ore exports have surged to a record high despite a series of trade sanctions and threats from China.

The commodity used to make steel is so in demand it accounted for more than a third, or 36 per cent, of Australia's exports in October.

Iron ore exports last month hit a record high of $10.9billion, the Australian Bureau of Statistics revealed on Tuesday.

While China has punished Australia's barley, wine, lobster and timber exporters, the superpower's construction and heavy manufacturing industries are too dependent on iron ore to forego it as part of a trade war.

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Australia 's export boom has hit a new high despite mounting evidence the pulse in China 's industrial heartland is weakening. It is the third-largest surplus since the Australian Bureau of Statistics started compiling the data in 1971. Exports rose by 1 per cent to a record .5 billion, while imports fell 1

China argued that Australian Government initiatives in the Murray-Darling Basin, which paid farmers to upgrade water infrastructure in return for giving But Trade Minister Simon Birmingham said that was "completely ridiculous", given the majority of export barley is grown in Western Australia , thousands

a group of people posing for the camera: Australia's iron ore exports have surged to a record high despite a series of trade sanctions and threats from China. The commodity used to make steel is so in demand it accounted for more than a third, or 36 per cent, of Australia's exports in October with $10.9billion shipped overseas © Provided by Daily Mail Australia's iron ore exports have surged to a record high despite a series of trade sanctions and threats from China. The commodity used to make steel is so in demand it accounted for more than a third, or 36 per cent, of Australia's exports in October with $10.9billion shipped overseas

The $325million or four per cent surge Australian iron ore exports to China coincided with a big increase last month in Chinese industrial production.

Australia's key export

China bought 80 per cent of Australia's iron ore exports in October

Iron ore made up 36 per cent of Australia's exports last month

A record $10.9billion worth of iron ore was exported in October 2020

This is the one Australian export China can't stop because it needs more of this commodity to make steel

Australian businesses stop exporting to China due to risk as trade tensions hit home

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Key points China is Australia 's biggest export market Australia has developed reasonable alternative markets such as South Korea and Japan Any sanctions or tariff hikes on Australian products will likely hit our grain, wine, dairy and

Australia ’s four largest exports to China – bn in iron ore, bn in natural gas, bn in coal Wool exports have already suffered from a drop to a five-year low in sale prices because of a halt in While all Australian agricultural commodities rely to some extent on Chinese demand, the barley and

China bought 80 per cent of all iron ore exported in October, putting it well ahead of Japan and South Korea which both bought six per cent of the commodity by value.

Australia is also one of the world's few iron ore exporters and remains in pole position, with this export at least, despite China refusing to take calls from Australian Trade Minister Simon Birmingham.

Brazil's iron ore exporting capacity has been diminished since the Vale tailings dam collapse in January last year.

The Simandou mine at Guinea in west Africa also isn't yet producing iron ore, making Western Australia's Pilbara region the key source of iron ore bound for China.

British-Australian mining giant Rio Tinto, a major exporter of iron ore to China, jointly owns a 45 per cent stake in this mine with Chinese aluminium company Chinalco, having another 40 per cent share.

The Guinea government owning the remaining 15 per cent stake.

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The new tariffs will cripple Australia 's barley exports to China , which are worth hundreds of millions of dollars. One analyst says a shipment to China has Australian farmers are expecting one of their largest winter crops this year and, after years of drought, many had hoped agriculture could lead the

The country imported and exported a record amount of goods in yuan-denominated terms in September, Reuters reported Tuesday, citing a Global demand for Chinese medical supplies helped boost exports in the last several months. China was the first country affected by the pandemic, and

Australia's relations with China have been strained since April when Prime Minister Scott Morrison called for an inquiry into the origins of COVID-19 in Wuhan.

Xi Jinping sitting at a table with a laptop and smiling at the camera: China bought 80 per cent of all iron ore exported in October, putting it well ahead of Japan and South Korea which both bought six per cent of the commodity by value. Pictured is Chinese President Xi Jinping © Provided by Daily Mail China bought 80 per cent of all iron ore exported in October, putting it well ahead of Japan and South Korea which both bought six per cent of the commodity by value. Pictured is Chinese President Xi Jinping

That month, China's ambassador to Australia Cheng Jingye threatened Chinese boycotts of Australian beef, wine, tourism and university education.

China in May slapped 80 per cent tariffs on Australian barley exports.

In July, Australia suffered a 38 per cent plunge in cereal and grain exports.

In February 2019, a year before coronavirus came to Australia, China banned Australian coal from entering the Dalian port in the country's north in retaliation for the 2018 ban on telecommunications equipment giant Huawei from installing 5G mobile technology.

Read more

China's wine industry is growing fast, but can it replace Australian exports? .
China's growing wine industry produced more than 800 million litres last year and it has the second-largest vineyard area in the world. But can its wine replace imported Australian wines? Experts don't think so.But on Saturday, Beijing imposed punishing tariffs of up to 200 per cent on Australian wine imports after accusing Australian producers of selling wine below the cost of production.

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