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Australia's trade surplus drops to US$1.43 billion on China tensions
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Posttime:2021-01-04
AUSTRALIA's goods trade surplus hit a two-year low due to trade tensions with China, resulting in a drop to US$1.43 billion in November, compared to $3.56 billion in October, reports Reuters.
It's the first time since November 2018 that the surplus has dropped below the $1.5 billion mark.
The drop began because of a 10 per cent decrease in exports to China, with an 11 per cent increase in imports from the country.
China has tried to stop Australian coal while imposing tariffs on farm products such as barley, wine, beef, and lobsters due to Australia's calls for a global inquiry into the origins of the Covid crisis.
source:Schednet
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