Economics
Australia Sounds Alarm on Trade as China Row Slams Farm Exports
- Value of shipments may sink to a five-year low: Abares
- Agriculture industry is hit hard by Beijing-Canberra fight
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Australia issued a warning on trade, saying uncertainties from its souring ties with China and the lingering impact of an earlier drought will push down the value of its agriculture exports.
The value of shipments is set to decline 7% in 2020-21 to the lowest level in five years, according to a report from the government forecaster Abares. While that’s a slight improvement from its September estimate of a 10% slump, the downturn comes in a year of solid domestic production growth.