Australia’s trade dispute with China cost it about $3 billion in commodities exports last year. This is a relatively small impact, suggesing there’s little economic need for the Australia to bow to Beijing’s pressure.
That is the value of Australian exports lost in 2020 compared to the 2019. It covers commodities from copper and coal to wine and lobsters which are now subject to trade restrictions by Beijing, according to customs data from China. The impact on some of those industries has been severe, as exporters have been forced to abandon their biggest export market and seek customers elsewhere.
