Trade deficit made in China
December 11, 2004
CHINA has overtaken the US as Australia's biggest source of imports, as our appetite for its cut-price clothes, furniture, electrical goods and machinery continues to fuel the growing trade deficit.
Imports from China totaled $1.8billion in October, moving ahead of the US for the first time. Our imports from the US totaled $1.6 billion.
In October, we sold goods worth more than $1billion to China, compared with $846million to the US and $2 billion to Japan. Our biggest exports to China are iron ore, wool and crude oil.
Australia has been running monthly trade deficits of about $2 billion since April last year.
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