Home topics small-business-resources growth-import-export Growing Growth | Import | Export Managing Growing China the new frontier for international Australian SMEs Stephanie Zillman September 3, 2013 Considering trading opportunities with China, many Australian SMEs may view the market as almost exclusively an exporter. Yet new research by HSBC Australia has revealed that the reality is in fact quite the opposite. China is on the cusp of overtaking the US as the key overseas trading partner for the Australian SME sector with the majority importing from China rather than exporting to it. Alongside the forecast that China’s middle class will reach more than one billion people by 2030, HSBC is encouraging Australian SMEs to consider the consumer market opportunities in China rather than seeing it purely as a manufacturing hub. “Since 2008, the US economy has decreased by 1% whereas China’s has grown by 45%. Despite recent signs of slowing, China’s government is committed to delivering 7.5% pa growth to 2017. Considering the below-inflation growth in other markets, it makes sense that small businesses will continue to gravitate to China,” Paul Edgar, Head of Business Banking for HSBC Australia said. Key findings: China and the US are currently the key trading markets for Australian SMEs 40% are currently trading with the US and 39% with China. China will eclipse the US as the most dominant trade partner for SMEs in future with 19% of respondents intending to enter China for the first time in the next 12 months compared to 14% who