Exports hit historic high of $36 billion

A $10.1 billion merchandise goods trade surplus for April has been reported by the Australian Bureau of Statistics.

It’s the third highest on record according to preliminary trade data released as exports remained steady amid continuing demand for coal, petroleum, metalliferous ores and medicinal and pharmaceutical products.

Exports of metalliferous ores have reached a record high with total exports for April 2021 reaching $36 billion.

Despite declines in non-monetary gold and oil seeds, exports increased by $12.6 million according to ABS Head of International Statistics, Andrew Tomadini

“Following strong exports in March 2021, metalliferous ores increased another 1 per cent in April 2021 to record a historic high of $16.5 billion, driving record high exports” said Tomadini.

Imports fell $1.9 billion, however, adding to the strong surplus recorded in March 2021.

Demand for thermal coal, particularly in India, saw coal exports increase by $203 million.

Australian coal exports to India have been steadily rising since mid-2020, following a substantial reduction in Chinese demand for Australian coal.

The decline in imports was led by non-monetary gold, down $455 million or 46 per cent, reversing most of the increase seen in March 2021 reported the ABS.

Other drivers included electrical machinery and articles of apparel, with articles of apparel moderating from its second highest value in March 2021.