Australia Exports Reach 29-Month High

Australia's exports grew 3.7% month-on-month to a 29-month high of AUD 47.43 billion in August, rebounding from a revised 3.6% fall in July, primarily boosted by higher exports of non-monetary gold and coal, coke, and briquettes. Exports of non-monetary gold increased 20.2% month-on-month to AUD 6.43 billion.

Australia's exports dropped 3.3% month-on-month to AUD 46.26 billion in July, reversing a downwardly revised 9.1% surge in June, primarily driven by lower shipments of non-monetary gold and coal, coke and briquettes. Non-monetary gold exports plunged 26.1% month-on-month to AUD 5.35 billion. Non-rural goods shipments edged down 0.2% month-on-month to AUD 34.11 billion, mainly due to lower exports of metal ores and minerals, which dropped 1.6%. The decline was also weighed down by coal, coke, and briquettes (-4.3%), metals (-9.0%), and other manufactures (-5.0%). By contrast, rural exports grew 5.8% month-on-month to AUD 6.74 billion, driven by higher exports of cereal grains and cereal preparations (19.0%) and other rural goods (7.8%).

Australia’s goods exports grew 9.6% month-on-month to an over-three-year high of AUD 47.70 billion in June, rebounding from an upwardly revised 7.6% decline in May. The increase was primarily driven by non-monetary gold amid higher global energy and commodity prices, reflecting the impact of the Middle East conflict and disruptions in the Strait of Hormuz. Non-monetary gold exports surged 60.2%, after plunging in the previous month, to AUD 7.24 billion. Non-rural goods shipments rose 4.9% month-on-month to AUD 34.08 billion, mainly due to higher exports of metal ores and minerals, which increased 6.2%. The advance was also supported by coal, coke and briquettes (4.6%), other mineral fuels (4.0%), metals (20.2%), machinery (3.3%), and other manufactures (2.8%). Conversely, rural exports dropped 1.9% month-on-month to AUD 6.30 billion, weighed down by lower exports of meat and meat preparations (-5.9%) and cereal grains and cereal preparations (-5.1%).