Australia exports of goods dropped -9% mom to AUD 32.1B in January. The decline was led by 10% mom fall in export of metalliferous ores. Imports of goods also dropped -10% mom to AUD 23.4B, driven by -23% mom fall in road vehicles imports. Trades surplus narrowed slightly to AUD 8.75B, down from AUD 9.18B.
“The decline in metalliferous ores was driven by a decline in the quantity of iron ore exported in January. Despite the decline, exports of Metalliferous ores are the second highest on record behind December 2020,” Head of International Statistics at the ABS, Andrew Tomadini said. “A drop in global car manufacturing is leading to supply shortages, with the imports of road vehicles from Japan and Thailand, Australia’s two largest road vehicle source countries, driving the decline in January imports”.