International Merchandise Trade, Preliminary, Australia

Exports of goods in March 2021 increased from the revised February 2021 estimate of $31,647m by $4,599m (15%) to $36,246m.

In March 2021:

• metalliferous ores increased $2,755m (20%)
• gas increased $493m (18%)
• oilseeds increased $366m (225%)
• coal increased $272m (9%)

Metalliferous ores reached a record high in March, $16,402m. Driving the increase was iron ore, up 21% and copper ore up 62%.

The increase in iron ore was predominantly due to an increase in quantity exported. Iron ore accounted for 39% of all Australian merchandise exports in March.

Copper ore recorded its third highest export value on record at $745m. March is the second month on record that Australian copper ore has fetched a unit value above $4.50kg. The recent price strength is demand driven, as green technologies are significantly more copper intensive.

The increase in gas was led by liquified natural gas up $326m (12%), with increases also recorded in liquified butane gas and liquified propane gas.

The increase in exports of oil seeds was driven by canola, up $354m to $510m, beating the previous export record set in April 2013. Contributing factors were favourable Australian harvests, poor European and Canadian harvests and strong global oil seed demand.

Offsetting the increase:

• non-monetary gold declined $703m (-27%)

March 2021 exports are $703m (2%) higher than March 2020, driven by:

• metalliferous ores, up $4,724m (40%)
• cereals, up $542m (85%)

Offsetting the increases were non-monetary gold, down $1,664m (-47%), coal, down $1,408m (-29%) and gas, down $1,376m (-30%).

Key country movements:

• China increased $1,926m (17%)  
• Japan increased $858m (26%)
• Singapore increased $188m (10%)
• South Korea increased $117m (5%)
• India declined $1m (0%)

Exports to Japan increased driven by metalliferous ores, up $243m (35%), driven by iron ore, up $288m.

Despite a decline of $331m in non-monetary gold, exports to Singapore increased overall, with petroleum and metalliferous ores both up.

The increase to South Korea was driven by metalliferous ores, up $347m (41%).

The decline in exports to India was driven by a $188m decline in non-monetary gold and several other smaller decreases in non-ferrous metals, dyeing and tanning materials, and electrical machinery, partially offset by an increase in coal, up $193m.

Driving the increase to Australia’s largest trading partner, China:

• metalliferous ores, up $1,325m (15%)
• non-monetary gold, up $218m
• textile fibres, up $117m (60%)

The increase in metalliferous ores to China was driven by iron ore, up $1,291m to $10,113m, wholly offsetting the February decline. March’s iron ore increase was primarily driven by quantity, up 5.25 million tonnes (11%), with unit value increasing 3%.

The non-monetary gold export to China is the first in 15 months. China is the world’s largest gold producer and consumer, typically consuming more than it produces.

Imports of goods in March 2021 increased from the revised February 2021 estimate of $24,106m by $3,643m (15%) to $27,749m.

In March 2021:

• non-monetary gold increased $529m (117%)
• petroleum increased $459m (21%)
• road vehicles increased $350m (10%)
• electrical machinery, increased $345m (24%)
• medicinal and pharmaceutical products increased, $267m (29%)

The increase in imports of non-monetary gold was driven by unwrought gold. Aligning with reports of record first quarter gold sales by The Perth Mint (Australia’s largest gold refinery).

The petroleum export value for March was the highest since January 2020. The increase in petroleum was driven by diesel, up $343m and crude oil up $108m.

Road vehicle imports reached another record high in March, the second since December 2020. The increase in March was led by major diesel vehicle categories. Hybrid vehicles also increased, building on an already strong start to the March quarter.

Electrical machinery also recorded a record high, led by an increase in assembled solar arrays and solar cells.

The increase in medicinal and pharmaceutical products was driven by medicaments, immunological products and vaccines. Vaccines increased 101% to their highest value on record, $106m, the majority made up of seasonal flu vaccines and some COVID-19 vaccines.

March 2021 imports are $3,696m (15%) higher than March 2020, driven by:

• road vehicles, up $997m (34%)
• electrical machinery, up $492m (38%)
• petroleum, up $459m (21%)

Key country movements:

• Japan increased $572m (37%)
• Thailand increased $495m (43%)
• the USA increased $260m (10%)
• China increased $189m (3%)
• Germany declined $2m (0%)

The increase from Japan was driven by road vehicles, up $330m (31%), with increases across a range of passenger vehicle categories.

The increase from Thailand was also driven by road vehicles, specifically larger diesel vehicles used for the transport of goods.

The increase from the USA was driven by non-monetary gold, up $245m to $276m, the second highest gold import from the USA.

The increase from China was driven by petroleum, predominantly diesel, up $199m (189%) to claim the second highest diesel import from China on record.

The decline from Germany was driven by road vehicles, down $130m (-47%).

From the January 2021 reference month onwards, the membership of the European Union country grouping has been amended to reflect the withdrawal of the United Kingdom from the European Union.

The European Union 27 time series now represents the current membership across the entire time series; rather than reflecting the membership of any particular reference period.

For example, the United Kingdom does not contribute to any reference period of the European Union 27 time series presented in this publication (as the United Kingdom is not a current member of the Union). Furthermore, Croatia (as a current member) is represented in all reference periods of the European Union 27 time series (despite joining the Union in 2013).

The value of merchandise trade is computed as a sum of the current member countries. Therefore, users who wish to compute the European Union value with a different membership can simply add the component countries together.

Inquiries about these and related statistics, contact the National Information and Referral Service on 1300 135 070. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.

This release previously used catalogue number 5368.0.55.024