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Iron ore exports to China drive up Australia’s trade surplus
Australia enjoyed its fourth-highest goods trade surplus on record in December, with exports jumping 16 per cent in the month.
Preliminary international trade figures released by the Australian Bureau of Statistics on Monday show Australia recorded a $9 billion goods trade surplus in December, up from $7.4b in November.
ABS head of international statistics Katie Hutt said the strong surplus was heavily influenced by trade with China.
While imports to Australia’s number one trading partner fell by $641 million, or 7 per cent, exports increased by $2.2b or 21 per cent.
Overall, the $4.9b increase in total exports recorded for the month was largely driven by metalliferous ore shipments.
Households and businesses have amassed billions in savings due to less spending during the COVID-19 pandemic and temporary government schemes, like JobKeeper.
Business by Melissa Iaria 7th Jan 2021 6:17 PM There were no coal shipments bound for China from two major Australian ports in December, as trade tensions between the two countries continue. The development has surprised market watchers because coal shipments traditionally rebound in December, ahead of the new calendar year when China sets its quotas for Australian coal. The trend was reflected in new figures from the Australian Bureau of Statistics on Thursday showing Australian coal exports to China plunged from more than $823.3 million in November 2019 to $121.7 million in November 2020. The data tracks the fall of local coal exports to China over the last six months to November, from a high in of June of $1.35 billion.