As such, iron ore accounted for 38% of Australian goods exports and 77% of goods exports to China in Q1 (up from 20% and 48% respectively two years ago). Services exports fell by $8.6 billion (35%) year-over-year to $15.7 billion in Q1, mainly due to international travel restrictions that are now expected to last until mid-2022.. Sean Crick, ABS Head of International Statistics, said “Iron ore is the foundation of Australia’s export strength, accounting for 39 per cent of all March exports”. A record $14 billion of iron ore was exported in March, up $2.5 billion from February. Copper ore also made a significant contribution, up $286 million to $745 million, the.
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Australian iron ore faces growing competition in the emerging green iron market from regions that produce higher-grade ore better suited to non-coal-based steelmaking.. China is the biggest importer of iron ore globally and Australia’s key iron ore export market. However, as the Chinese economy matures, its steel demand will enter long.. Australia exports two main types of iron ore: hematite and magnetite. Hematite is mined in Western Australia’s Pilbara. It’s a naturally higher-grade ore (56-62% iron) and makes up almost.
