Canberra: China has become Australia's biggest trading partner instead of Japan, according to latest figures. Exports and imports between China and Australia reached about 52.7 billion Australian dollars (43.2 billion U.S. dollars) in the 12 months to March, compared with trade with Japan of 50.6 billion dollars, (41.5 billion U.S. dollars), show figures from the Australian Bureau of Statistics.
"This is clearly a red letter day in Australia's history," Craig James, chief economist of Commsec, Australia's leading Internet broker 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.
Australia is feeding China's insatiable demand for all manner of raw materials, primarily iron ore. [09/05/07]
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