Europe's dilemma is due to the loss of Russia as a market given the sanctions over Ukraine, etc. Europe's position is not about generating new manufacturing capacity but about having to dump /find alternate markets for their existing /stored product. Certainly, Greater China is a market for them to pursue but as the figures have already suggested, NZ down 32%, AU down 1%. Japan though, where the AU export market is 50% greater in size than the comparative Greater China export market, AU exports were up 17% to EU's 16%.
Overall, the market is growing in Japan (+4%), falling in Greater China (-8%) and rising in SE Asia (+8%) of which AU +8%, EU +13% and NZ +16%.
More broadly, volume wise, the SE Asian market is larger than the Greater China market and growing rapidly, as is the African market. Much of the EU's focus (apart from GC) however has been re-directed towards the Middle East. Equally, the export market which has suffered the most is the North American market which is down 46% towards the Middle East, 11% towards South East Asia, 23% towards Japan and 10% towards Greater China.
So, yes, some growing influence coming from the EU as it seeks to re-direct its energies away from Russia (but then again, the EU economy broadly is looking quite shaky at the moment, so many more of their problems are soon likely to be internally, not externally, focused), whilst North America has been hit by drought and NZ has had to rejig its markets. Most of Australia's export markets however are evenly balanced rather than overly dependent on any single area. So, it could equally be said that with the various FTAs in place and the TPP up and coming, as well as a premium product offering, and proximity to the region, Australia might also be about to make it that much more difficult again for the Europeans who, even to pick up some market share have effectively had to dump their products into new markets. Dumping and loss leading have never been strong suits for the Europeans in the past, nor likely into the future.
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