It is a fact that China is Australia’s largest trading partner, accounting for around 29% of our total two-way trade in 2019-20.
Over the same period, China accounted for around 35% of Australia’s total two-ends services exports.
Australia’s exports to China reflect the complementary effects of our economies and meet many of China’s needs including the resources, energy, food tourism and education services.
This trait has helped to lift hundreds of millions of people in China out of poverty, and indeed, across our region.
The economic growth in China, and the elimination of poverty for many millions of people, is something that we warmly welcome, we wish to see continue, and it underlies the mutual benefit that comes from trade.
Australian businesses have capitalised on his opportunities, and in doing so, they have made their own choices about markers, compliance and risk.
Australia is not unique in terms of having China as its largest trading partner.
At least 60 countries in 2018 counted China as their number one merchandise trading partner.
Australia’s success in growing markets in China has been driven by Australian businesses, but also by fact such as the size of China’s population, its favourable demographics, and its rapid economic development as well as of course, geographical activity.