Australian exporters to China are facing a $6 billion cliff after unconfirmed instructions from Chinese customs authorities threatened to ban Australian wine, copper, barley, coal, sugar, timber and lobster from Friday.
The notice, distributed by a customs clearance agent on Tuesday, has not been confirmed by the Chinese government, but its publication was enough to send shares in ASX-listed copper miner Sandfire Resources falling by 8 per cent.
Some Australian wine exporters have been notified by Chinese importers that Australian wine will not be cleared through Chinese customs from this Friday onwards. Australia exports $1.2 billion of wine to China each year. Read more…..
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Australian exports to China could be affected by a trade deal between the US and China as US meat and dairy exports to China are expected to exceed double the amount from this year.