Australia’s trade of goods and services increased by 174pc to $6.8bn in March 2020 from February this year according to the Australian Bureau of Statistics (ABS).
At the end of Q1 2020, total trade surplus stood at $12.6bn from $9.4bn in Q4 2019 the ABS data indicated, underplaying the impact of COVID-19 virus and bushfires on the country’s international trade of goods and services.
Australia’s metal ores and minerals exports surged 32pc to $7.5bn in March 2020 from $5.7bn in February 2020. Metals excluding non-monetary gold, however, declined by 5pc to $709mn in March from $745mn in the previous month. Machinery exports moved up by 5pc to $679mn in March from $647mn in February 2020.
Iron ore exports increased exponentially with iron ore lump exports increasing by 37pc to $438mn in March 2020 from the previous month after China, Japan, and Taiwan increased their shipments for the material from Australia. Iron ore lump exports to China rose by 33pc to $294mn, to Japan by 65pc to $74mn and to Taiwan by 98pc to $47.3mn during the month.
Iron ore fines exports also rose 36pc to $1.1bn in March 2020 with exports to China rising by 33pc to $868mn from February 2020. Exports to Japan hiked 105pc to $153mn and exports to Hong Kong increase by 695pc to $45mn in March 2020 from February this year.
Australia’s, iron and steel imports increased by 8pc to $174mn in March this year compared to $162mn in February 2020. However, import of machinery and industry equipment fell by 5pc to $1.1bn in March 2020 from $1.2bn in February 2020.