https://www.usnews.com/news/business/articles/2021-11-16/hong-kong-customs-seize-smuggled-lobsters-amid-australia-ban
Hong Kong customs says officers seized approximately 2,000 pounds each of live lobster and sea cucumbers believed to be going to mainland China months after Beijing restricted imports of lobsters from Australia as tensions escalated between the two countries. The total estimated value of the almost 4,000 pounds of live sea creatures added up to 10 million Hong Kong dollars ($1.3 million). These seizures come after a recent surge in the import volume of Australian lobsters to Hong Kong following China's imposition of an unofficial ban on imports late last year. China had previously accounted for over 90% of Australia's lobster exports. Will this change in imports impact the Australian economy at all, especially given how volatile and fragile all economies are today with supply shortages and COVID related issues?
3 comments:
China is Australia's biggest trading partner with a 252 billion dollars trading record, which accounts for 27.4% of Australia's trade. And because Australia's siding with the United States on some controversial issues, it suffered trade restrictions imposed by China which includes an 80% tariff on Australian barley exports, which was then followed by a ban on Australia’s biggest grain exporter, and the suspension of beef imports from five major meat-processing plants. Both Australia's producers and China's consumers are hurting. And I believe the trade relations between these two countries are not going to get any better soon because of the current governments of both countries.
It seems as if Australia has been having trouble maintaining its international affairs Like Hanna said Australia has been having a decline with the U.S, U.K, and France over a submarine deal. As the world is struggling with shortages it is best for a country to keep up with its international relationships.
Australia seems to be struggling in today's economy. In my opinion, I believe the country has a vast amount of potential due to the indigenous products that can be distributed from the island. Hopefully Australia starts to get its economy together and improve its international trading.
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