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- China becomes Australia's largest trade partner
Date: 7-May-2007 Sources: (Xinhua Online)
China has become Australia's biggest trading partner in stead of Japan, according to latest figures.
Exports and imports between China and Australia reached about 52.7 billion Australian dollars (43.2 billion U.S. dollars) in the 12 months to March, compared with trade with Japan of 50.6 billion dollars, (41.5 billion U.S. dollars), show figures from the Australian Bureau of Statistics released Friday.
Craig James, chief economist of Commsec, Australia's leading Internet broker, said it is a significant development.
'This is clearly a red letter day in Australia's history,' he was quoted by Australian Broadcasting Corporation radio as saying.
'For the first time, China is Australia's largest trading partner,' he said.
'It's usually been the case that Japan and the U.S. have vied for supremacy, but China has clearly passed Japan as our biggest trading partner,' he said.
Meanwhile, the new figures also show that Australia's trade deficit grew by 894 million dollars (733 million U.S. dollars) in March to 1.6 billion dollars (1.3 billion U.S. dollars).
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