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Australian exports fall 12% in April, resources demand stay strong

Business2020-05-25

Australiasexportsfell4billionAustraliandollars(2.61billionU.S.dollars),or12percent,inAprilfromrecordhighsthepreviousmontheventhoughdemandforresourcecommodities,

Australia's exports fell 4 billion Australian dollars (2.61 billion U.S. dollars), or 12 percent, in April from record highs the previous month even though demand for resource commodities, mainly iron ore and gas, remained strong, preliminary data showed on Monday.

Driving the decrease was a 1.7-billion-Australian-dollar decrease in exports of non-monetary gold following significant demand last month, data from the Australian Bureau of Statistics (ABS) showed.

Trade in non-monetary gold is volatile and large month-to-month movements are not uncommon.

Despite the fall, exports totaled 31.4 billion Australian dollars, remaining near historic highs.

April also saw Australia's imports from China recovering from falls seen earlier in the year, initial estimates showed.

Strong imports of laptops and computers from China were in line with increased work-from-home demand during the COVID-19 lockdowns.

The final April monthly estimates will be published on June 4.

(REUTERS)

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