Tuesday 9 November 2021 – ACBC successfully held a timely report launch in partnership with the Australian National University (ANU) supported by the National Foundation for Australia-China Relations.
Valuable research presented by lead researchers Darren Lim (ANU) and Scott Waldron (UQ) revealed that so far, Chinese economic sanctions do not appear to have imposed significant economic loss to Australia. Overall, 2020 merchandise trade was down just 2% from 2019. Importantly, many of the sanctioned industries saw the annualised net value of their global export increase.
Enabled by a resilient Australian industry, robust market frameworks and particular market conditions, adjustments allowed most industries to substantially mitigate losses and adapt to the challenges of rising geoeconomics. The research indicates that adjustment happened via one or more of three mechanisms: Trade reallocation, deflection, and transformation.