Australia’s trade surplus gets a boost from energy exports

According to Bloomberg, government data reveals that Australia’s exports in May surged to nearly $8 billion (equivalent to A$11.8 billion), exceeding expectations by over a billion Australian dollars.

During the reported month, energy commodity exports experienced a modest increase, contributing to the overall higher total value. Coal, coke, and briquette exports showed a 1.6% rise, as indicated by the data. Additionally, mineral fuel exports, including liquefied natural gas, saw a 3.4% increase.

In the latest financial year, the Australian resources ministry reported a significant increase in income from energy and mining commodity exports due to higher prices. However, the ministry has forecasted a decline in export income for the current financial year.

Data indicates that energy and other resource exports in the financial year 2022/23 increased by 9%, reaching a record-high value of approximately $300 billion (equivalent to A$460 billion).

Nevertheless, these exports are projected to decrease by 15% in the upcoming financial year, amounting to approximately $260 billion (equivalent to A$390 billion), and are expected to decline further to about $290 billion (or A$344 billion) in the subsequent year.

Data from EnergyQuest, released earlier this year, reveals that Australian LNG exports reached a record high in 2022, totaling 81.4 million tons. This represents a 0.5% increase compared to the previous year’s exports. The majority of these exports were destined for Japan, with China ranking second in terms of LNG import volume.

Due to a decline in international prices, LNG exports are projected to decrease by a significant 27% in value during the current financial year. Similarly, coal exports are expected to decline by approximately 40%.

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The U.S. Energy Information Administration recently announced that global LNG trade reached a record high last year, reaching a daily volume of 51.7 billion cubic feet.

Demand for liquefied gas from the United States experienced a significant surge, increasing from just over 2 billion cubic feet daily to over 10 billion cubic feet daily.

Although the increase in demand for Australian gas was relatively smaller, it still remained quite significant at approximately 2 billion cubic feet daily.

Source : oilprice.com

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