By Elishya Perera
SYDNEY, Australia (CWBN)_ Australia’s iron ore sales soar to a record high in October, amidst growing sanctions from China on exports.
The Australian Bureau of Statistics revealed today (Nov 24) that iron ore exports last month accounted for 36 percent of the country’s exports, as sales the commodity used to make steal hit a record high of $10.9 billion.
Even though China has imposed sanctions on beef, wine, lobster, barley and timber exported from Canberra in the recent months, nevertheless, Beijing has been unable to expand these embargoes on iron ore, owing to the super power’s dependence on construction and heavy manufacturing industries.
It is reported that China was the largest importer of iron ore last month, purchasing 80 percent of the export, while Japan and South Korea purchased 6 percent each.
Following the Brumadinho Dam disaster in January last year, which diminished Brazil’s iron ore exporting capacity, Australia has become one of the world’s few iron ore exporters, which has put Canberra in advantage amidst the growing dispute between China and Australia.
Beijing has targeted Australian exports with economic sanctions and has refused to take calls from Australian Trade Minister Simon Birmingham, in the wake of Prime Minister Scott Morrison’s call for investigations on the origin of the Covid-19 pandemic which emerged from Wuhan.
Australia joining multiple World Trade Organisation (WTO) anti-dumping cases against various Chinese exports, as well as the ban on Huawei’s participation in Australia’s 5G wireless network, added fuel to mounting tensions between the two countries.
During an online speech to a London forum yesterday, PM Morrison decried growing oppression from China, and urged that smaller nations not be caught in the tensions between the world superpowers, pointing out that Australia should not be forced to pick sides between Washington and Beijing.
“Greater latitude will be required from the world’s largest powers to accommodate the individual interests of their partners and allies. We all need a bit more room to move,” Morrison said.
Edited By Chathushka Perera
