China's imports from Australia fell 11.1 percent from a year earlier in the first seven months and experts said it is hard to see a turnaround anytime soon.
According to data released by China's General Administration of Customs on Sunday, China-Australia bilateral trade stood at $128.26 billion in the first seven months, down 1.7 percent on a yearly basis.
In breakdown, China's imports from Australia fell 11.1 percent to reach $85.08 billion in the first seven month of the year. China's exports to Australia grew 24.1 percent to hit $43.17 billion, latest customs data showed.
There are multiple factors behind China's shrinking imports from Australia, and one of them is Chinese businesses' efforts to diversify bulk commodity imports including iron ore, natural gas and coal, and reduce reliance on imports from Australia amid fraught diplomatic ties, Yu Lei, chief research fellow at the research center for Pacific island countries of Liaocheng University in East China's Shandong Province, told the Global Times on Sunday.
In the first six month of 2022, China imported 372.63 billion yuan ($55.11 billion) of mining products compared with 431.92 billon yuan of imports for the same period of 2021, data from the customs said.
In its latest move, the China Iron and Steel Association (CISA) said on July 31 it plans to set up a committee to strengthen research on iron ore amid China's efforts to increase its pricing power for iron ore and reduce its dependence on overseas resources.
As Australia adopted a hostile approach toward China, bilateral relations have deteriorated sharply.
"Australia has remained in lockstep with Washington's stance on US House Speaker Nancy Pelosi's provocative trip to the island of Taiwan, though with some restraint. It is expected to be hard to see a turnaround within the year," Yu said.
Commenting on China-Australia trade ties, Shu Jueting, spokesperson for the Ministry of Commerce said on July 14 that the healthy and stable development of China-Australia relations is in line with the fundamental interests and common aspirations of the two peoples.
"It is hoped that the Australian side can review the past, face the future, uphold the principles of mutual respect, mutual benefit and win-win, take concrete actions, and meet China halfway to create favorable conditions for the healthy and stable development of bilateral economic and trade relations," Shu said.
褰檽锟斤拷?