China’s trade restrictions on Australian wine, lobsters and other commodities could be the next to ease amid a warming of diplomatic ties and expectations that Beijing will soon resume imports of coal.
, blocking billions of dollars of trade after placing curbs on everything from beef, barley and coal to lobsters, wine and timber.
Economists at Goldman Sachs Group expect any easing to have modest implications for Australia’s economy, with the country’s two-way trade balance with China jumping to a record high in 2022 thanks to surging prices of key export iron ore.“An easing in trade restrictions would be positive news for the Australian economy directionally and meaningfully positive news for some hard-hit sectors” such as agriculture, economists led by Andrew Boak wrote in a research note on Friday.
“Market diversification needs to continue,” said McLean. “We don’t want to get into a situation where we are too reliant on one market.”
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