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.
For comments and feedback contact: editorial@rttnews.com
[Economic News][1]
What parts of the world are seeing the best (and worst) economic performances lately? Click[here][2] to check out our [Econ Scorecard][2] and find out! See up-to-the-moment rankings for the best and worst performers in [GDP][2], [unemployment rate][3], [inflation][4] and much more.