- November 24, 2020
- Posted by: Bastion team
- Category: Markets
(RTTNews) – Australia’s exports increased in October on record iron ore shipments, preliminary data from the Australian Bureau of Statistics showed Tuesday.
Exports grew 6 percent month-on-month to A$30.53 billion in October. On a yearly basis, exports were down 3 percent in October.
Australia exported a record A$13.46 billion of metalliferous ores, the majority of which was iron ore. Iron ore exports hit a record value of A$10.9 billion. Shipment of gas advanced 18 percent, which was the first month-on-month increase since March 2020. Meanwhile, exports of non-monetary gold were down 12 percent and that of petroleum slid 24 percent.
Exports to China grew 7 percent as China continues to be the main export destination for iron ore. Shipments to Japan and the USA rose 11 percent and 5 percent, respectively.
Data showed that imports were up 8 percent in October from September but declined 10 percent from the last year. Consequently, the trade balance showed a surplus of A$4.84 billion versus A$5.02 billion in the previous month.
Bastion Balance Seoul, Korea.