China-Australia trade soars

China has become Australia’s second-biggest export market and source of imports, the Melbourne Age reported. Figures from the Australian Department of Foreign Affairs and Trade show China replaced the US as Australia’s second-biggest export market, behind Japan, with Australian exports of goods and services to China rising to US$11.5 billion in 2004-05. Australian imports from China were valued at US$15.8 billion, or 11.2% of total imports. The US was still ranked No 1 on imports with $20.8 billion (14.7 per cent of imports) and Japan third with US$14.4 billion (10.2 per cent of imports).