• 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$34.26 bn 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.

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