BANK REPORT: CHINA’S PACIFIC TRADE SKYROCKETS

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BANK REPORT: CHINA’S PACIFIC TRADE SKYROCKETS Australia New Zealand Bank reports trade at $1.5 billion

MELBOURNE, Australia (Radio Australia, Feb. 15, 2011) - A new report from the Australia New Zealand (ANZ) bank shows China's trade with the Pacific has exploded over the past decade, growing from $US180 million in 2001, to more than US$1.5 billion in 2010.

The ANZ says Pacific imports from China have grown by 34 percent a year, for the past decade.

That growth has seen China's share of the Pacific import market reach 12 per cent putting it ahead of New Zealand for the first time.

Pacific exports to China, mainly minerals and logs from Papua New Guinea and Solomon Islands, have grown 30 percent a year.

The ANZ say trade is recovering from the global financial crisis.

It expects increasing integration with China to continue unabated.

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