China has become Australia's biggest trading partner in stead of
Japan, according to latest figures.
Exports and imports between China and Australia reached about
52.7 billion Australian dollars (US$43.2 billion) in the 12 months
to March, compared with trade with Japan of 50.6 billion dollars,
(US$41.5 billion), show figures from the Australian Bureau of
Statistics released Friday.
Craig James, chief economist of Commsec, Australia's leading
Internet broker, said it is a significant development.
"This is clearly a red letter day in Australia's history," he
was quoted by Australian Broadcasting Corporation radio as
saying.
"For the first time, China is Australia's largest trading
partner," he said.
"It's usually been the case that Japan and the U.S. have vied
for supremacy, but China has clearly passed Japan as our biggest
trading partner," he said.
Meanwhile, the new figures also show that Australia's trade
deficit grew by 894 million dollars (US$733 million) in March to
1.6 billion dollars (US$1.3 billion).
(Xinhua News Agency May 5, 2007)