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Australia's export outlook dims as global demand softens, especially in China
Posted on October 6, 2023 |
Australia's resource and energy exports are set to decline over the next 2 years due to reduced global demand, particularly from its major trading partner, China.
Forecasts indicate a decrease in commodity export earnings from A$467 billion last year to A$400 billion in 2023/24, with a further dip to A$352 billion by 2024/25.
The global economic slowdown, partly stemming from China's gradual recovery after COVID-19 lockdowns, is anticipated to impact export earnings in the resource and energy sector.
Slower growth in China's housing market is expected to lead to lower steel demand, affecting iron ore, Australia's most valuable export.