China Demand for Australian Goods Ramp Up
Australia’s Trade Balance data surged ahead 42% in March after the previous month’s number was revised down by nearly A$400 million to A$1752 million.
Demand from China rose 24% alone with exports to the U.S. actually falling by 7.8%. It is generally regarded that China’s core consumption from Australia comes in the form of precious metals and other commodities. Interestingly enough, the month saw a jump in iron ore sales of 10% with aluminum exports rising 24%.
These increases might be a mere symptom of China’s unweilding desire to avoid any type of recession through stimulus measures. Nonetheless, the Asian country's drive to prove to the world that it is indeed a key player in the global economy may continue to spark such demand from Australia. In the future, the south-pacific country might continue to see export driven growth coming off the back of its Asian neighbor.
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- Australian, New Zealand Dollars Slip on Slowing Chinese Growth