China’s introduction of trade sanctions on some Australian products in 2020 has resulted in unexpected benefits, with the latest economic statistics showing exports booming for the resource-rich country as it has been forced to shift its focus to other markets.
Australia’s trade figures have also been improved by Chinese dependence on critical products, notably iron ore, wool and natural gas. They were spared the punishment of new tariffs, with increased demand boosting their sales.
The country’s long record of economic growth had looked vulnerable when China introduced punitive tariffs and controls on an array of Australian imports two years ago, as political tensions between the two countries intensified.
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