An increase in metalliferrous ores exports offset an overall decline in exports of Australian goods in August compared with the same month last year, according to the Australia Bureau of Statistics.
According to data released by the bureau on September 25, the country’s overall exported goods in terms of value declined by 16pc to A$28bn in August from A$33.8bn in the same prior-year period and by 2pc from A$28.9bn in the previous month. The country’s imported goods value also fell by 7pc to A$24bn in August from A$26bn in August 2019 and by the same amount in July.
The value of exports in August declined due to a drop in shipments of gold, gas, and other goods. However, these drops were offset by increased exports of metalliferrous ores, which rose by 9pc in August from the previous month, and increases in manufacturing and construction industries, which accounted for almost 52pc of the goods exported from the country.
Australia’s decline in imports was mainly driven by a drop in shipments of transport equipment, electric machinery, fabrics, and more. However, the country’s vehicle imports rose by almost 14pc in August from the previous month ABS noted, without disclosing the volumes.