Exports grew 6% month-on-month to A$30.53 billion in October. On a yearly basis, exports were down 3% 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%, which was the first month-on-month increase since March 2020. Meanwhile, exports of non-monetary gold were down 12% and that of petroleum slid 24%.
Exports to China grew 7% as China continues to be the main export destination for iron ore. Shipments to Japan and the U.S. rose 11% and 5%, respectively.
Data showed that imports were up 8% in October from September but declined 10% 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.
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