Australia’s resources sector continues to show resilience in the challenging COVID-19 period with the latest trade figures confirming the importance of the industry to the Australian economy.
Amid the global downturn from the health pandemic, Australian Bureau of Statistics (ABS) figures show the total resources and energy exports in the four months to April are up by 1.4 per cent on the same period last year to $92.1 billion.
Iron ore exports totaled $31.6 billion in the first four months of 2020, a 21.3 per cent increase on 2019.
LNG exports were up by 1 per cent on the previous year, valued at $16.9 billion in the four months to April.
“As expected with global construction and manufacturing going into decline as the coronavirus pandemic grips some of our key trading partners, month-on-month figures fell by 11.5 per cent in April,” Minister for Resources, Water and Northern Australia, Keith Pitt, said.
“There are obviously some challenges ahead as the world fights to contain the COVID-19 pandemic, but I remain confident that once the crisis passes, resources and energy exports will play a key role in Australia’s economic recovery.
“We knew the coronavirus would deliver a massive blow to our economy, but it would have been so much worse if not for the contribution of our coal, iron ore and LNG exports.
“I again thank the resources companies and the men and women who work for them for going above and beyond with what they’ve done to keep their workers and local communities safe, which has allowed mines to keep operating.
ABS Chief Economist Bruce Hockman said the impact of COVID-19 was evident across the Balance of Payments this quarter, with falls for imports and exports of both goods and services in volume terms.
Australia recorded an $8.4 billion current account surplus in the March quarter 2020, the fourth in succession, as COVID-19 effects impacted international trade.
The current account surplus was driven by a trade surplus of $19.2 billion and a narrowing of the net income deficit to $10.6 billion.
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