Australian trade has taken a beating, with a senior economist blaming our political spat with China for the dire performance.
Figures released by the Australian Bureau of Statistics on Thursday showed a $3.5 billion plunge in the trade surplus, which is the balance of exports exceeding imports.Rural exports had the biggest monthly decline since January 1983, falling by 15.1 per cent, down $539 million.
Cereal and grains exports plunged 38.2 per cent, meat exports were down 9.7 per cent and exports of other rural goods slid 13.8 per cent.“Not good news for our farmers hit by bushfires, drought and COVID-19 restrictions,” Mr Felsman said. The latest development in Australia’s increasingly tense relationship with China came this week when the Asian superpower suspended barley imports from Perth-based CBH, the nation’s largest grain exporter, over claims shipments had contained excessive levels of weed seeds — an allegation the company rejects.
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