Australia's Exports To China Reaches All Time high With 31% From Previous Year

Australia's exports to China reached new highs in March, as the Asian giant sucked in more iron for its steel industry and lowered barriers to thermal coal shipments as diplomatic relations thawed.

According to data released on Thursday, Australian goods exports to China reached A$19 billion ($12.71 billion) in March, up 31% from the previous year and surpassing the previous high of mid-2021.

The increase contributed to Australia's total trade surplus reaching its second-highest level on record, at A$15.3 billion, a boon to mining profits and tax receipts.

According to Australian Bureau of Statistics data, export volumes of iron ore lumps and fines to China increased by 24.3 percent and 17.7 percent, respectively, from the previous month.

Thermal coal exports to China increased by 125% in March compared to February, offsetting a drop in exports to Japan.

Beijing effectively lifted an unofficial ban on Australian coal in January, allowing customs clearance for the first time since 2020, when it imposed trade restrictions on a number of Australian products as COVID ties froze.

Following a late-year leaders meeting, China and Australia agreed last month to resolve a WTO dispute over Chinese barley tariffs within three months.