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%)