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China dominates Australian trade accounting for more than 30 per cent or $153 billion in exports annually. But Taiwan is Australia s sixth largest export market and surged by 20 per cent in 2018-19 to $10 billion, largely on the back of coal, iron ore, natural gas and copper exports.
While resources growth has been strong, consumables have historically been undermined by tariffs that make them less competitive against countries that have economic co-operation deals with Taiwan, including New Zealand and Singapore.
New Zealand, a competitor to Australia in the beef and wine sectors saw its exports to Taiwan rise by 22 per cent in the year after the deal was signed.