Australian iron ore exports in the 2019-20 financial year ended June 30 amounted to A$101.7 billion, becoming the first commodity to break the A$100 billion threshold, according to the latest Australian Bureau of Statistics (ABS) preliminary international figures for trade in goods. The value of Australia’s iron ore exports in the previous year was $77.5 billion. China accounted for 87 percent of all iron ore Australia exported in 2019-20.
In June this year, exports of iron ore rose by $757 million or eight percent to $9.92 billion compared to the previous month, recording the highest monthly export value on record, ABS said.
As SteelOrbis previously reported, Australia’s iron ore export earnings were foreseen to reach a new record of A$103 billion in 2019-20, according to the recent Resources and Energy Quarterly, while forecast iron ore export earnings for 2020–21 were revised up from A$86 billion to A$97 billion.
The report had also said that Australia’s total industry exports will reach approximately $293 billion in the financial year 2019-20 despite the challenges caused by the global coronavirus pandemic.
“The slowdown in industrial activity around the world is having an impact on coal and gas demand: however, they still managed to generate over $7 billion in exports in June alone. Demand for both will return as we emerge from this pandemic and, while some are using the downturn to make exaggerated claims about the future of some resources, the International Energy Agency confirms coal will remain a key player in energy generation for at least the next two decades,” said Australia’s minister for resources Keith Pitt.