Australia’s Oct LNG export receipts hit new record

Australia's LNG export receipts hit a record high for the third successive month in October at A$10.54bn ($7.07bn) on record prices and a weaker Australian dollar against the US dollar.

High energy prices helped underpin record Australian exports, with shipments in the first 10 months of this year already exceeding export receipts for any previous calendar year.

The total value of energy and mineral exports was A$34.26bn in October, relatively unchanged from the A$34.3bn received in September and up by almost 39pc from the A$24.71bn received in October 2021, according to latest trade data from the Australian Bureau of Statistics (ABS).

Energy and mineral export receipts in January-October totalled A$323.46bn, up by 33pc from A$242.8bn in year-earlier period and already above the record high for a calendar year of A$295.19bn last year. The higher receipts were helped by a weaker Australian dollar that averaged $0.6361 against the US dollar in October, based on ABS data, and was the lowest value since April 2020.

October marked the sixth consecutive month of record-high LNG export receipts and the second month that receipts topped A$10bn. LNG export receipts in January-October totalled A$73.69bn, exceeding the previous record for a calendar year of A$49.81bn last year.

Australia is one of the world's largest LNG exporters, the largest shipper of iron ore and coking coal and the second-largest exporter of thermal coal. Australia is also a significant exporter of base metals, including aluminium, copper and nickel, as well as other metals such as lithium.

Combined thermal and coking coal receipts this year are on track to more than double total receipts of A$63.50bn in calendar 2021, having reached A$117.79bn for the first 10 months of 2022.

Australia's export receipts in October from China were A$15.76bn in October, the highest monthly level since August 2021. Export receipts from Australia's other traditional partners of Japan, South Korea, India and southeast Asia have all surpassed their respective 2021 totals in this year's January-October period.

Japan and South Korea are significant buyers of Australian LNG, thermal coal, coking coal and iron ore, while India is a key buyer of coking coal and some LNG.

By Kevin Morrison

Australian export receipts for Oct 2022 (A$mn) Period Iron ore Combined thermal and coking coal Crude oil, petroleum products LNG Total exports of metal and energy Trade balance Total crude and oil product imports Exports to China Japan Asean Imports from China Trade balance with China Oct &#39;22 9,660 11,277 1,377 10,536 34,264 12,217 6,499 15,755 10,687 6,693 11,312 4,443 Sep &#39;22 9,614 11,685 1,305 10,202 34,297 12,444 5,982 14,626 11,274 7,406 10,469 4,157 Oct &#39;21 8,368 8,051 1,040 5,796 24,706 10,223 3,441 11,808 5,777 4,789 8,072 3,736 Jan-Oct 2022 104,312 117,789 12,388 73,694 323,456 114,324 53,552 141,720 93,598 61,371 92,262 49,458 Jan-Oct 2021 137,325 46,354 7,903 37,024 242,803 102,094 26,062 152,802 47,709 44,159 71,476 81,326 M % &#177; 0.48 -3.49 5.52 3.27 -0.10 -1.82 8.64 7.72 -5.21 -9.63 8.05 6.88 Y % &#177; 15.44 40.07 32.40 81.78 38.69 19.51 88.87 33.43 84.99 39.76 40.14 18.92 2022 YTD vs 2021 YTD % &#177; -24.04 154.11 56.75 99.04 33.22 11.98 105.48 -7.25 96.19 38.98 29.08 -39.19 Source: ABS

Related News