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Despite a decade of tense political relations, China, a member of the BRICS countries, continues to significantly increase its trade with Australia.
The latest data reveals that trade relations between Australia and China reached $145 billion in 2023, marking the first increase since the Covid pandemic.
The renewed growth in trade between the two countries highlights the recovery from previous declines, mainly due to the demand for iron ore.
Iron ore is the largest export from China to Australia, and metal prices are rising following the recovery of the travel and tourism sector.
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Diplomatic relations between the countries have been quite strained, after Beijing imposed punitive tariffs, sanctions, and unofficial bans on Australian goods worth around AUD 20 billion in 2020, including coal, barley, and wine, detaining Australian citizens.
China imposed the tariffs in response to then-Australian Prime Minister Scott Morrison’s call for a public investigation into the origin of Covid-19 and after the country became the first in the world to ban Chinese suppliers, including Huawei, from operating in its 5G telecommunications network.