largest export from china to which country

With 89 per cent of current Australian exports to the region benefitting from immediate duty free access, this will rise to 94 per cent once fully implemented. It entered into force in Australia and China in January 2022. RCEP covers the 10 members of the Association of Southeast Asian Nations (ASEAN) and their free trade agreement partners (Australia, China, India, Japan, New Zealand and the Republic of Korea). Trade between Australia and China is also governed by the Regional Comprehensive Economic Partnership Agreement (RCEP), the world’s largest free trade agreement. Refer to ‘Links and Resources’ below to access Austrade’s fact sheet on key outcomes for agriculture and processed food. Since the China-Australia Free Trade Agreement (ChAFTA) took force in 2015, significant export barriers have been removed, and Victoria's agribusiness sector is well placed to boost sales to China by exporting their premium food products and beverages. The Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES) predicts China will account for 43 per cent of global growth in agricultural demand by 2050.

Despite this decrease, China remained the largest export market for Victorian exports of dairy, horticulture, seafood, animal fibre, skins and hides in 2020-21. Representing a 22 per cent decline from pre-COVID levels, this reflects the combined impacts of the pandemic and accompanying challenges posed to consumers, supply chains and logistics, as well as a series of trade barriers imposed by China. Milk powders, yoghurt, cheese, butter, seafood, fresh fruits (citrus, table grapes, stone fruits), oats and other breakfast cereals, chilled and frozen beef and lamb, processed foods, baby food, wine, spirits and craft beer, natural fruit juice.Ĭhina remains Victoria’s largest market for food and fibre exports, valued at a total of $3.7 billion in 2020-21.

Largest export from china to which country