| China replaces Japan as Australia's top trade partner |
CANBERRA, Australia
Mainland China has replaced Japan as Australia's number one trading partner, according to government figures released Friday.
In the fiscal year through June, Australia's trade with China was worth 50.5 billion Australian dollars (US$41.6 billion; €30.5 billion) _ a 20 percent increase _ while trade with Japan totaled A$49.7 billion (US$40.9 billion; €30.0 billion), according to data from the Australian Bureau of Statistics.
Japan had been Australia's top partner in two-way trade for 36 years.
"Last November, combined China and Hong Kong trade with Australia passed Japan to take top spot. Now China holds the number one position in its own right," said Craig James, chief equities economist at Commonweath Securities Ltd.
Japan is still the main destination for Australian exports, taking A$32.4 billion (US$26.7 billion; €19.5 billion) in goods. China is the main supplier of imports to Australia at A$27.5 billion (US$22.7 billion; €16.6 billion).
James said Australia-China trade has doubled in three years.
"In mid-2004, China was Australia's third largest trading partner behind Japan and the U.S.," he said.
"But the massive growth of the Chinese economy since that time has seen its demand for resources soar together with its output of inexpensive, high quality manufactured goods," he added.
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