Australia Exports Rise23 June 2020 by News Desk
Australia Exports of mining product increased in May 2020 but general exports declined.
Despite the overall value of exports falling, exports of iron ore remained strong in May 2020
Exports of iron ore account for around a quarter of the value of all Australian exports and the ongoing strength in this commodity continues to prop up Australian exports.
Exports of metalliferous ores increased to $11,234m, up $242m (2%) as a result of global supply disruptions due to COVID-19, particularly in Brazil and the ongoing demand for Australian iron ore.
Exports to China increased $864m (7%) to $13,586m. This increase was predominantly driven by increases in exports of coal up $759m (79%) to $1,720m and metalliferous ores up $456m (6%) to $8,284m with notable declines in meat, textile fibres and petroleum.
Overall the value of imports and exports of goods both declined in May 2020, according to the Australian Bureau of Statistics.
The preliminary figures show that the value of imports fell $2.2 billion or 9 per cent from the revised April figure of $24.1 billion to $21.9 billion, and also declined $4.8 billion or 18 per cent on the May 2019 figure.
The decline in imports was driven by a large drop in the value of imports of both road vehicles and petroleum.
The value of imports of road vehicles has declined significantly since March 2020 and is the lowest value since April 2011. Large declines were recorded in imports of passenger vehicles and four-wheel drives.
The value of imports of petroleum in May 2020 was at the lowest level since February 2005, with imports of crude petroleum and aircraft fuel most significantly impacted by the decline in demand due to COVID-19 restrictions and lower oil prices.
The value of goods exported declined in May 2020, down 4 per cent on the revised April figure of $31.1 billion to $29.7 billion, and 13 per cent on the May 2019 figure.
The decline was due to significant declines in exports of non-monetary gold, coal, and gas. The declines in the exports of coal and gas are off the back of reduced demand from some of Australia’s key trading partners.
Trade in goods
·The value of exports and imports of goods both continued to decline in May 2020, from April 2020 figures.
·The preliminary figures show that the value of exports declined $1.3b or 4% from the revised April 2020 value of $31,063m. Year-on-year, the May 2020 figures declined $4.3b or 13% from May 2019.
·The value of goods imported declined $2.2b or 9% on the revised April 2020 value of $24,087m. Year-on-year, the May 2020 figure declined $4.8b or 18% from May 2019. These declines were largely due to a drop in imports of road vehicles and petroleum.
·Exports of goods in May 2020 declined from the revised April 2020 estimate of $31,063m by $1,337m (-4%) to $29,726m.
·The 4% decline in the value of exports in May 2020 follows a much larger fall in April (-12%).
·The decline in May 2020 was driven by exports of non-rural goods, down $521m (-2%); and non-monetary gold, down $482 (-25%).
·Within non-rural goods, there were declines in exports of coal, down $397m (-9%); gas, down $313m (-8%); and petroleum, down $184m (-30%).
·The decline in exports of non-monetary gold was driven by a drop in exports to the US, Germany and UK.
·Year-on-year, exports declined $4,313m (-13%) when compared to May 2019.
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