China’s rapid industrialisation over the past few decades drove increased demand for resource commodities, while rising incomes shifted diets towards increased consumption of animal proteins. These factors contributed to increasing demand for Australian exports. However, the relationship between the Australian and Chinese governments has deteriorated in recent times, which could negatively impact exports in a range of sectors, even as economic trends gradually return to normal following COVID-19.

For further details, please see the NAB China Economic Update – May 2021