Strong exports of iron ore have boosted the total value of exports and imports of goods both increased in June 2020 following declines in May and April 2020, according to the latest Australian Bureau of Statistics (ABS) preliminary international trade in goods figures.
The preliminary figures show that the value of exports increased by $2.35 billion or 8 per cent driven by healthy iron ore export figures.
From May to June 2020, exports of iron ore (lumps and fines) increased by $757 million or 8 per cent to $9.92 billion, the highest export value on record. This pushed the total exports of iron ore for 2019-20 to over $100 billion representing more than a quarter of Australia’s total goods exported for this period. China was the main market for Australian iron ore exports accounting for 87 per cent of all iron ore exported in 2019-20.
Reaching $101.7 billion in the 2019-20 financial year, iron ore became the first Australian commodity to pass $100B in exports in a year, surpassing the previous annual export benchmark of $77.5 billion, also set by iron ore in the previous financial year.
Despite the challenges of the global health pandemic, the recent Resources Energy Quarterly revealed total industry exports will reach around $293 billion for the 2019-20 financial year.
Adding to the increase in exports in June 2020 were non-monetary gold, up $916 million or 67 per cent to $2.29 billion, and petroleum, up $208 million or 47 per cent to $651 million.
The value of goods imported rose by $1.29 billion or 6 per cent driven by increases in imports of petroleum, up $341 million or 29 per cent to $1.51 billion. This was the first increase in petroleum imports since December 2019.
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