China’s Hunger for Iron Continues to Underpin Australia’s Economy
Last month, Australia funnelled more than a third of all its exports to feed China’s insatiable appetite for iron ore.
Recent Australian Bureau of Statistics (ABS) data revealed that June saw a record month in history as exports of the Australian ore to the Chinese communist regime reached an unprecedented $15 billion (US$11 billion).
This was out of $19 billion (US$14 billion) of shipments sent to China, breaking further records as Australian exports surpassed $40 billion (US$30 billion) in June alone.
China even splurged on its second largest acquisition of Australian gold bullion worth $850 million (US$625 million), almost double what it had imported in May.
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