In the last financial year, a record $16.8 billion (US$11 billion) worth of agriculture, fisheries, and forestry exports were sent to China as trade barriers were reduced. This marked a 22 percent increase in exports compared to the previous year. Trade impediments on cotton, barley, and roundwood were lifted, resulting in increases in their export values.
For instance, cotton exports were valued at $824 million, a significant increase from the previous 12 months. Similarly, barley was worth $443 million, compared with $0, and roundwood was valued at $780,000, a rise of $646,000. However, barriers remain for Australian wine entering the Chinese market, with hopes that tariffs could be eliminated in the near future.
A suspension of a World Trade Organization complaint against China was made by Australia in exchange for a review. While some obstacles still exist for Australian exports, official meetings and leader-to-leader talks have contributed to improvements in exports to China, according to Agriculture Minister Murray Watt.
Moving forward, efforts will be made to address remaining trade impediments, particularly regarding live rock lobster and wine exports, and the remaining suspended meat establishments. Senator Watt has expressed a willingness to travel to China in early 2024, and Trade Minister Don Farrell is set to meet with his Chinese counterpart on the sidelines of a WTO ministerial meeting in Abu Dhabi at the end of the month.