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Australia’s gross domestic product grew by 1.8% in the first quarter of 2021 and 1.1% compared with the same period last year.
In Australian dollar terms, the RBA Index of Commodity Prices has risen by more than 30% since July 2020, and in monthly terms are at their second highest level on record.
Analysts had expected Australia to be badly hit by Chinese actions that would reduce Australian imports – from levying tariffs to imposing other bans and restrictions.
Even with a tenuous relationship with Beijing, Australia’s trade and export ties to China remain favorable.