After Australia supported a call for a global inquiry into China’s early handling of Covid-19, tensions between Australia and China more drag on, it will take a heavy toll on the Australian economy. In particular, the decrease in beef and barley exports to China are two major impacts on the Australian economy.
Beef is one of Australia's exports that suffers a lot when tensions between the two countries drag on. Specifically, on December 7 and December 8, China issued a ban on beef imports from Meramist beef processing companies, respectively. As a result, Australian beef exports to China are down 34% in 2020 and peak in early 2021 at an average of 14, 000 tonnes per month. With the impact of high tariffs from China, Australian companies have suffered a lot of economic damage from inventory, as well as have to face finding new markets.
Besides, the Australian economy also suffered a lot when it lost a large amount of wheat exports. Besides, the Australian economy also suffered a lot when it lost a large number of wheat exports. China's Ministry of Commerce in May 2020 announced the imposition of an 80. 5% tax on Australian barley from May 19. There for, Australia has to look for other markets and suffer many losses. Because China has always been Australia's big wheat consumer market and lost the opportunity to some other countries that always want to invade the wheat market in China. Argentina is a case in point, the country aims to ship to China 250, 000 tons of barley this year, according to CNN.
The impact of beef and wheat exports has taken a toll on the Australian economy. Australia's trade surplus with China will shrink further as tensions between the two countries grow. To be able to deal with many losses when China imposes high tariffs, Australia will have to work hard to find new markets as well as find many other diplomatic measures with China.
After Australia supported a call for a global inquiry into China’s early handling of Covid-19, tensions between Australia and China more drag on, it will take a heavy toll on the Australian
economy
.
In particular
, the decrease in
beef
and barley
exports
to China are two major impacts on the Australian economy.
Beef is one of Australia's
exports
that suffers a
lot
when tensions between the two
countries
drag on.
Specifically
, on December 7 and December 8, China issued a ban on
beef
imports from
Meramist
beef
processing
companies
,
respectively
.
As a result
, Australian
beef
exports
to China are down 34% in 2020 and peak in early 2021 at an average of 14, 000 tonnes per month. With the impact of high tariffs from China, Australian
companies
have suffered a
lot
of economic damage from inventory,
as well
as
have to
face finding new markets.
Besides
, the Australian
economy
also
suffered a
lot
when it lost a large amount of
wheat
exports
.
Besides
, the Australian
economy
also
suffered a
lot
when it lost
a large number of
wheat
exports
. China's Ministry of Commerce in May 2020 announced the imposition of an 80. 5% tax on Australian barley from May 19. There for, Australia
has to
look for other markets and suffer
many
losses.
Because
China has always been Australia's
big
wheat
consumer
market
and lost the opportunity to
some
other
countries
that always want to invade the
wheat
market
in China. Argentina is a case in point, the
country
aims to ship to China 250, 000 tons of barley this year, according to CNN.
The impact of
beef
and
wheat
exports
has taken a toll on the Australian
economy
. Australia's trade surplus with China will shrink
further
as tensions between the two
countries
grow. To be able to deal with
many
losses when China imposes high tariffs, Australia will
have to
work
hard
to find new markets
as well
as find
many
other diplomatic measures with China.