China Bought Almost Half of Australia’s Mineral Exports in 2008

Feb. 23 -- Australia sold almost half of its mineral exports to China last year as demand rose from steelmakers.

China bought A$22.534 billion ($14.5 billion) worth, or 44 percent, of the A$51.36 billion of minerals Australia exported last year, the Department of Foreign Affairs and Trade said in an e-mailed statement.

Economic growth in Australia, the biggest exporter of coal and iron ore, will slow in the coming year as export earnings decline 20 percent, the central bank says. Australia’s biggest trading partners in the year ended June 30, 2008, were Japan, China and the U.S.

Demand for minerals in China is falling as it cuts the amount of shipments to the U.S. and Europe, both in economic recession. China’s exports in January declined by the most in almost 13 years.

(Bloomberg)