Australia's goods trade surplus with China has shrunk to its lowest level since 2018, mainly due to the reshaping of two-way trade flows: on one hand, Australian exports of commodities such as iron ore and coal to China fell by 2% last year, marking the second consecutive year of decline, due to the slowdown in China's real estate market; on the other hand, Australian consumers' demand for imported Chinese goods surged, from BYD electric vehicles to cheap products on e-commerce platforms, driving last year's imports from China to a record high of 124 billion Australian dollars. Australia's goods trade surplus with China last year was 52 billion Australian dollars, while its global goods trade surplus was 62 billion Australian dollars, both reaching their lowest levels in six years.
Source: Bloomberg
Original article: toutiao.com/article/1856390457871945/
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