A new report on the overall impact of the Beijing trade war shows the extent of the losses have been grossly understated, due to a boom in iron ore prices.

The University of Adelaide study has found China’s sanctions have wiped $7 billion from export trade in the last six months of 2020.

Speaking with 6PR’s Liam Bartlett, author and former DFAT official Dr Mike Adams said the figures are a wake-up call for Australia.

“It is a sobering assessment,” he said.

“We have certainly lost out a lot on export.”

He said the government need to improve the relationship with Australia’s biggest trading partner to stem future economic hits.

“One obvious thing that we can do is tone down our statements on China, we can aim to reintroduce more servility into the relationship.”

Press PLAY to hear the full interview