Australia’s goods exports rose 29 per cent in March as raw material exports rebounded from a lacklustre February, according to preliminary figures from the Australian Bureau of Statistics.
“Among the key movers were exports of iron ore to China, Australia’s largest trading partner, which increased significantly following declines in January and February,” the ABS said on Thursday.
The value of coal, gas and petroleum exports were also up significantly, as well as gold, particularly to Hong Kong and the United Kingdom.
Total goods exports rose from $28.0 billion in February to $36.1 billion in March. Year-on-year, March’s exports were up 16 per cent.
The value of imported goods were up 10 per cent in March, compared with February, due to increases in the value of gold, aircraft and consumer electronics items such as laptops and mobile phones.
Top Australian Brokers
The ABS used customs data to compile its estimates, which are part of a suite of new products designed to shed light on the impact of the COVID-19 pandemic.
As such the numbers aren’t comparable to the balance of payments figures that will be released for March on May 7.