HONG KONG SAR – Media OutReach – 14 April 2021 – The China-Australia bilateral relationship deteriorated sharply over 2020, with China imposing both formal and informal trade restrictions on a number of Australian exports, including coal, barley, beef, wine, cotton among others. However, Coface expects that Australia’s GDP to be back to 2019 level as soon as this year. But there are growing concerns that an escalation of bilateral tensions will see China hardening its stance towards Australia and possibly start targeting Australian services exports, particularly in tourism and education which could see 2% of Australia’s GDP at risk.
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