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china market opportunity
China is currently the largest trading partner for Australian food, beverage and grocery companies, with over $7.43 billion in exports from this sector in 2017-18. Australian exports of processed food to China alone, increased by 36.9 per cent between 2016 and 2017, with many Australian agrifood sectors enjoying significant double digit growth into China in recent years.
With a population of 1.4 billion, Chinese consumers have a relatively good understanding of Australia and believe that Australian products are manufactured under the highest quality standards.
The China-Australia Free Trade Agreement (ChAFTA), which came into force in December 2015, also opened improved market opportunities for Australian companies.