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Financial News: Australia's Exports Increase In October

Australia's Exports Increase In October

11/24/2020 - 01:10:00 (RTTNews)

(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.

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