Australian exporters are withstanding China’s trade penalties imposed on farmers and coal miners, by successfully redeploying their products to other foreign markets.
, by successfully redeploying their products to other foreign markets, according to the federal government’s Australian Trade and Investment Commission. Despite rising trade protectionism around the world during COVID-19 by China and other markets, goods exporters are managing to diversify and find new destinations to sell their products.
The Japanese port of Yokohama. Japan is one of the nations taking more of Australia’s export trade since rising tariffs imposed by China forced many Australian businesses to find new markets.A survey by Austrade of predominantly small and medium business exporters found that 51 per cent of firms reported being disrupted by restrictions imposed on their goods or services by destination markets, with China, Japan, South Korea and Vietnam the major protectionist culprits.“That was particularly visible in the agribusiness sector,” she said in an interview.Cherelle Murphy, Austrade chief economist, is upbeat about Australia’s trade performance.Separately, the Global Trade Alert indicator recorded a 73 per cent jump in discriminatory trade interventions around the world in 2020. Despite the erection of more trade barriers and supply chain disruptions due to COVID-19, Australian exporters of goods have fared relatively well during the two-year pandemic.to November 2021, partly due to high commodity prices for exports such as iron ore and coal. “Despite COVID, supply chain disruptions and the trade disputes we had, Australia’s trade has come out looking pretty healthy,” Ms Murphy said.“The fact we are big goods exporters of resources and agriculture has been to our benefit, but our services exports have been very weak.Agricultural exports to China fell 31 per cent in the first half of 2021, compared to the same period in 2020.A combination of good weather and farming conditions, combined with strong demand from foreign buyers, has buoyed sales of wheat, cotton, sugar and avocados.“We really are finding new exports for agricultural produce that we are producing,” Ms Murphy said. “We can supply well over what we need for our own food security in Australia and a lot of our trading partners immediately to our north can’t.” Despite China’s boycott of Australian coal, the value of coking and thermal coal exports has more than doubled due to surging prices and solid demand from other countries.
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