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Australia’s iron ore export to China sets another record in May – report

The Australian Bureau of Statistics (ABS) reported yesterday that export of domestic goods in May 2021 increased from the revised April 2021 estimate of $35,414m by $3,794m (11%) to $39,208m.

According to the report, export of metalliferous ores from Australia increased to a record high for the third consecutive month in a row, increasing a further 15% to $19,036m. Iron ore was the main driver of the increase, up $2,506m (18%). The price of iron ore continues to climb, with unit value increasing 9%, while quantity also increased 9% in May, ABS noted.

The increase in export of metalliferous ores to China, Australia’s largest trading partner, was once again driven by iron ore, up $2,087m (20%) to $12,666m. This is the third consecutive record export month for both iron ore and subsequently metalliferous ores, the report found.

The increase in coal export was driven by both hard coking and thermal coal. Coal exports to South Korea increased $120m (28%), and to Taiwan by $93m (35%). The increase in non-ferrous metals was driven by unwrought copper and lead, up $142m and $92m respectively. The increase in lead was driven largely by exports to the United Kingdom, where unwrought lead increased $62m.

According to ABS, May 2021 export from Australia was $10,048m (34%) higher than in May 2020, primarily driven by a significant increase in export of metalliferous ores, which was up $7,353m (63%) compared to the corresponding period of 2020.
Source: KITCO

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