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US, allies 'biggest beneficiaries' of Australia's $17b China trade row, report finds
ABC Rural
/ By Daniel Mercer and Tom Edwards
Nov 30 2021
Australia's closest security allies, led by the United States, have been the biggest beneficiaries of Beijing's campaign of economic coercion against Canberra, a report has found.
Key points:
More than 18 months after China kicked off the trade war against Australia amid a series of spats between the two countries, the University of Technology Sydney found it was Canberra's partners who were picking up much of the slack.
UTS's Australia-China Relations Institute has released figures that show the value of 12 Australian exports to China affected by sanctions fell by $US12.6 billion ($17.3b) in the first nine months of this year compared with 2019.
During the same period, the value of US exports of the same commodities increased by $US4.6 billion ($6.3 billion), while those of Canada and New Zealand jumped by $US1.1b and $US786 million, respectively.
Insitute director James Laurenceson said the data showed Australia's pursuit of closer security ties with the US and other western democracies was not stopping its allies from capitalising on its trade predicament.
"Of course, the US is our great security ally and strategic mate," Dr Laurenceson said.
"Sometimes we get very excited by US-based commentators, and indeed senior Biden officials, saying, 'We will stand shoulder to shoulder with Australia.'
Australia bears costs 'alone'
Over several months from May 2020, Australian exporters were hit with a series of crippling trade strikes by Beijing over grievances that included "siding with the US' anti-China campaign".
Among the industries affected by the measures were coal, barley, beef, timber, lobster and wine.
The university found that in some cases, the value of the targeted trades fell to zero, while in many other cases exports were reduced dramatically.
Dr Laurenceson said the actions of the US and other Australian allies were understandable and in the national interests of those countries.
But he said it was imperative Australia faced up to the cost of its own actions, which he argued had been hidden by record prices for iron ore, the country's biggest export to China.
He said the university's analysis had shown that despite the increasingly popular belief that western economies were "decoupling" from a bloc led by China, the numbers suggested otherwise.
www.abc.net.au
ABC Rural
/ By Daniel Mercer and Tom Edwards
Nov 30 2021
Australia's closest security allies, led by the United States, have been the biggest beneficiaries of Beijing's campaign of economic coercion against Canberra, a report has found.
Key points:
- UTS finds the US and other allies have been the biggest winners from Australia's trade war with China
- Australian exports across 12 commodities fell $17.3b compared with 2019, while US exports rose $6.3b
- The report comes amid a freeze in relations between Canberra and Beijing on various grounds, including national security
More than 18 months after China kicked off the trade war against Australia amid a series of spats between the two countries, the University of Technology Sydney found it was Canberra's partners who were picking up much of the slack.
UTS's Australia-China Relations Institute has released figures that show the value of 12 Australian exports to China affected by sanctions fell by $US12.6 billion ($17.3b) in the first nine months of this year compared with 2019.
During the same period, the value of US exports of the same commodities increased by $US4.6 billion ($6.3 billion), while those of Canada and New Zealand jumped by $US1.1b and $US786 million, respectively.
Insitute director James Laurenceson said the data showed Australia's pursuit of closer security ties with the US and other western democracies was not stopping its allies from capitalising on its trade predicament.
"Of course, the US is our great security ally and strategic mate," Dr Laurenceson said.
"Sometimes we get very excited by US-based commentators, and indeed senior Biden officials, saying, 'We will stand shoulder to shoulder with Australia.'
"So strategic friends can be fierce commercial rivals and that's exactly what we're seeing."
Australia bears costs 'alone'
Over several months from May 2020, Australian exporters were hit with a series of crippling trade strikes by Beijing over grievances that included "siding with the US' anti-China campaign".
Among the industries affected by the measures were coal, barley, beef, timber, lobster and wine.
The university found that in some cases, the value of the targeted trades fell to zero, while in many other cases exports were reduced dramatically.
Dr Laurenceson said the actions of the US and other Australian allies were understandable and in the national interests of those countries.
But he said it was imperative Australia faced up to the cost of its own actions, which he argued had been hidden by record prices for iron ore, the country's biggest export to China.
He said the university's analysis had shown that despite the increasingly popular belief that western economies were "decoupling" from a bloc led by China, the numbers suggested otherwise.
"But what I am suggesting is that we should be very clear on what the costs are and who is bearing those costs — and it is Australia and Australian producers alone."
US, allies reap benefits as fallout from Australia's trade row with China hits $17b
Australia's closest security allies, led by the United States, have been the biggest beneficiaries of Beijing's campaign of economic coercion against Canberra, according to a new report.
www.abc.net.au
