Australian exports have been upheld by metalliferous ores in June, with the category showing an 8 per cent increase and a fourth consecutive record month.
Head of International Statistics at the Australian Bureau of Statistics (ABS) Andrew Tomadini said overall exports experienced a similar jump.
“June 2021 recorded a monthly export value above $40 billion. Exports increased 8 per cent to $41.3 billion, with significant increases in metalliferous ores, coal, non-monetary gold and gas,” Tomadini said.
Metalliferous ores made up almost half of Australia’s export value in June at $20.49 billion, with iron ore up 6 per cent to represent most of that figure ($17.55 billion).
Coal saw its highest export value since April 2020, with $555 million making up 15 per cent of the country’s total export value.
The $40 billion total exports easily qualify the record $310 billion predicted for the 2020-21 financial year by the Resources and Energy June Quarterly.
“Supply chains disrupted by China’s informal import restrictions have largely reorganised, albeit with some loss of revenue,” the Quarterly stated.
China received $19.12 billion worth of Australian exports in June 2021, with record iron ore movement providing a strong backbone – up $1 billion (7 per cent on June 2020) to $14.89 billion.
In June, Minister for Resources, Water and Northern Australia Keith Pitt acknowledged the importance of Australia’s resources sector in strengthening the Australian economy.
“These incredible results underline the importance of Australia’s resources sector to the national economy and international markets throughout the COVID-19 downturn,” he said in response to the Quarterly.
“Australia’s energy and resources sector has remained safe and reliable suppliers to domestic and global markets throughout the pandemic, helping to underpin economic growth and overcome the challenging trade conditions of the past year.”