Tuesday 9th Mar, 2021

Iron ore exports break records in October

Australian iron ore exports have reached a record high of $10.9 billion, accounting for 36 per cent of Australia’s total exports, according to new figures released by the Australian Bureau of Statistics (ABS).

Total exports increased by $.8 billion, or six per cent, to $30.5 billion in October 2020.

ABS Head of International Statistics Branko Vitas said the primary driver for the increase in exports was an $833 million (7 per cent) increase in exports of metalliferous ores, most of which was iron ore headed for our largest trading partner, China.

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Increases were also found in gas, up $360 million (18 per cent) and meat, up $217 million (21 per cent). Coal also increased, driven by thermal coal, mostly used for electricity generation.

Imports increased by $2 billion, or eight per cent, to $25.7 billion in October. The increase in the value of goods imported was driven by road vehicles, up $393 million (13 per cent), telecommunications and sound equipment, up $359 million (28 per cent) and miscellaneous manufactured articles, up $220 million (15 per cent).

“We continue to see a rise in road vehicle imports,” Vitas said. “And with the release of new mobile phone models, and games and gaming consoles, increases in these products have driven imports up in October.”