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Australian Iron Ore Shipments Hit Record High

AUSTRALIA

The Australian Bureau of Statistics has released preliminary merchandise trade data for the month of October:

  • Exports of goods in October 2020 increased $1,796m (6%) to $30,532mn.
  • Imports of goods in October 2020 increased $1,978m (8%) to $25,692mn.
  • For October there is a goods trade surplus of $4,840m (original, current price, merchandise trade basis).
  • "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," said ABS Head of International Statistics, Branko Vitas.
  • Iron ore exports reached a record high of $10.9 billion, accounting for 36 per cent of Australia's total exports.
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