Australia: It's not all doom and gloom for farm trade despite China's tariff war

Published 2021년 4월 7일

Tridge summary

China's tariffs have resulted in a $270 million drop in exports of barley, wine, and seafood from Australia in January, as compared to the same month the previous year. However, exports of wool and dairy remain strong. Saudi Arabia and Thailand have compensated for the decrease in barley exports to China. Despite the COVID pandemic's impact on China's foodservice sector, Chinese retail food sales have seen an 11% increase in the first two months of 2021. Australian farm exporters are successfully finding new markets to offset the decline in shipments to China. Australia has achieved an overall trade surplus of $8.1 billion in February, marking the third month in a row.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Barley, wine and seafood exports to China took a $270 million hit in January, according to specialist rural lender, Rabobank. Exports of the three commodities have been seriously impacted by punishing tariffs imposed by Beijing in response to worsening diplomatic relations between Australia and China. Rabobank said in its commodity update for April that barley, wine and seafood sales to China had shrunk to just $8m in January compared with $278m in the same month last year. Beef has also been in China's firing line and export figures from Meat and Livestock Australia show a 45 per cent slide to 20,844 tonnes for the first two months of this year compared with the same period in 2020. MLA said lamb and mutton shipments to China rose year-on-year by 11pc 17,641t for the first two months of 2021. MORE AGRIBUSINESS READING Wool and dairy exports to China also remain strong while December saw a record shipment of wheat. But Australia's $1.2 billion annual wine export market to China ...

Source: Queenslandcountrylife