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Australia is now even MORE reliant on the Communist power despite tensions with China
PUBLISHED: 06:07 GMT, 11 January 2022 | UPDATED: 06:38 GMT, 11 January 2022
Australia is relying on China for everyday goods even more than before with imports surging to record levels despite strained diplomatic relations.
The Omicron surge has also seen Australia depend on China for rapid antigen tests, with the Communist power supplying more than 70 per cent of the approved kits.
In the year to November, Australia bought a record $89.8billion worth of imports from China, marking an 8.3 per cent annual increase.
Australia still has trade surpluses, thanks to China's strong demand for iron ore to make steel.
Australia is relying even more on China for goods with imports surging to record levels despite strained diplomatic relations. The Omicron surge has also seen Australia depend on China for rapid antigen test with the Communist power supplying more than 70 per cent of the approved kits (pictured is a Sydney chemist)
But the trade surplus shrunk in November, dropping by $1.36billion to $9.42billion, Australian Bureau of Statistics data released on Tuesday showed.
With Covid cases surging, Australians are particularly reliant on Chinese-made rapid antigen tests.
The Therapeutic Goods Administration has now approved 21 rapid antigen testing kits.
Of those, 15 come from China, marking a supply rate of 71.4 per cent.
Last year also saw a Chinese-owned car brand make the top ten with MG taking the ninth spot with 39,025 leaving the showroom, more than double the 2020 sales tally of 15,253, Federal Chamber of Automotive Industries data showed.
The former British sports car brand's market share more than doubled to 3.7 per cent, from 1.7 per cent, with the Chinese state-owned marque outselling the more established Japanese brands Subaru and Honda.
To make the steel, China is still buying Australian iron ore, albeit in smaller quantities than earlier in 2021.
As a result, Australia's annual exports to China in November stood at $179.6billion, down marginally from September's record $179.8billion, a CommSec analysis of the ABS data showed.
In the year to November, Australia bought a record $89.8billion worth of imports from China, marking an 8.3 per cent annual increase
Australia has now posted 47 consecutive monthly trade surpluses, with a record annual rolling surplus of $122.6billion in November.
In November, exports rose by 1.6 per cent but imports climbed by 6.3 per cent, with CommSec chief economist Craig James putting that down to more demand for home electrical goods.
The surge in imports from China is occurring despite a series of trade sanctions imposed by President Xi Jinping's government in retaliation at Australia's call for an independent inquiry into the origins of Covid.
Before the latest Omicron surge, national retail sales in November rose by 7.3 per cent to a record $33.4billion, the ABS revealed.
Last year also saw a Chinese-owned car brand make the top ten with MG taking the ninth spot with 39,025 leaving the showroom, more than double the 2020 sales tally of 15,253, Federal Chamber of Automotive Industries data showed (pictured is an MG ZS SUV)
Imported goods were in demand with furniture up 21.4 per cent, clothing and footwear surging by 38.2 per cent and department store trade up 26 per cent.
Mr James said Australians still had an appetite to spend, even if upcoming data showed some drops in retail activity.
'Aussies also spent up more than usual in the lead-up to Christmas as lockdowns ended, bringing forward spending from December and January into November,' he said.
'Supply shortages, together with higher prices, are also crimping actual spending.
'So it's important not to read too much into short-term spending data.'
www.dailymail.co.uk
- Australia bought record $89.8billion of Chinese imports in year to November
- China also supplies 71.4 per cent of approved rapid antigen test kits in Australia
- The Chinese-owned MG was Australia's ninth most popular car brand in 2021
PUBLISHED: 06:07 GMT, 11 January 2022 | UPDATED: 06:38 GMT, 11 January 2022
Australia is relying on China for everyday goods even more than before with imports surging to record levels despite strained diplomatic relations.
The Omicron surge has also seen Australia depend on China for rapid antigen tests, with the Communist power supplying more than 70 per cent of the approved kits.
In the year to November, Australia bought a record $89.8billion worth of imports from China, marking an 8.3 per cent annual increase.
Australia still has trade surpluses, thanks to China's strong demand for iron ore to make steel.
Australia is relying even more on China for goods with imports surging to record levels despite strained diplomatic relations. The Omicron surge has also seen Australia depend on China for rapid antigen test with the Communist power supplying more than 70 per cent of the approved kits (pictured is a Sydney chemist)
But the trade surplus shrunk in November, dropping by $1.36billion to $9.42billion, Australian Bureau of Statistics data released on Tuesday showed.
With Covid cases surging, Australians are particularly reliant on Chinese-made rapid antigen tests.
The Therapeutic Goods Administration has now approved 21 rapid antigen testing kits.
Of those, 15 come from China, marking a supply rate of 71.4 per cent.
Last year also saw a Chinese-owned car brand make the top ten with MG taking the ninth spot with 39,025 leaving the showroom, more than double the 2020 sales tally of 15,253, Federal Chamber of Automotive Industries data showed.
The former British sports car brand's market share more than doubled to 3.7 per cent, from 1.7 per cent, with the Chinese state-owned marque outselling the more established Japanese brands Subaru and Honda.
To make the steel, China is still buying Australian iron ore, albeit in smaller quantities than earlier in 2021.
As a result, Australia's annual exports to China in November stood at $179.6billion, down marginally from September's record $179.8billion, a CommSec analysis of the ABS data showed.
In the year to November, Australia bought a record $89.8billion worth of imports from China, marking an 8.3 per cent annual increase
Australia has now posted 47 consecutive monthly trade surpluses, with a record annual rolling surplus of $122.6billion in November.
In November, exports rose by 1.6 per cent but imports climbed by 6.3 per cent, with CommSec chief economist Craig James putting that down to more demand for home electrical goods.
The surge in imports from China is occurring despite a series of trade sanctions imposed by President Xi Jinping's government in retaliation at Australia's call for an independent inquiry into the origins of Covid.
Before the latest Omicron surge, national retail sales in November rose by 7.3 per cent to a record $33.4billion, the ABS revealed.
Last year also saw a Chinese-owned car brand make the top ten with MG taking the ninth spot with 39,025 leaving the showroom, more than double the 2020 sales tally of 15,253, Federal Chamber of Automotive Industries data showed (pictured is an MG ZS SUV)
Imported goods were in demand with furniture up 21.4 per cent, clothing and footwear surging by 38.2 per cent and department store trade up 26 per cent.
Mr James said Australians still had an appetite to spend, even if upcoming data showed some drops in retail activity.
'Aussies also spent up more than usual in the lead-up to Christmas as lockdowns ended, bringing forward spending from December and January into November,' he said.
'Supply shortages, together with higher prices, are also crimping actual spending.
'So it's important not to read too much into short-term spending data.'
Australians buy a record quantity of imports from China
Australia's imports from China are at record levels despite the strained diplomatic relations. China is also supplying more than 70 per cent of Australia's approved rapid antigen test kits.
