In March, Australia’s exports to China reached all-time highs as the Asian superpower imported more iron for its steel sector and relaxed shipping restrictions for thermal coal amid warming diplomatic ties. Exports of Australian products to China reached 19 billion Australian dollars ($12.71 billion) in March, up 31% from a year earlier and surpassing the previous high from mid-2021, according to data released on Thursday.
Thermal coal exports to China increased in March, offsetting a dip in exports to Japan during the same month. An unofficial restriction on Australian coal that had been in force since the start of the COVID-19 epidemic, when tensions between the two nations erupted, was lifted by Beijing at the beginning of the year.
As a result, Australian coal producers were once again able to ship their products to China for the first time in over a year.
China and Australia agreed last month to settle a World Trade Organization dispute over tariffs on Chinese barley within three months following a leaders’ summit in the latter part of last year.
However, Reuters reported that restarting trade is proving to be more difficult than initially stopping it.
