buy iron ore and drive the price upFrom May to June 2020,...

buy iron ore and drive the price up

From May to June 2020, exports of iron ore (lumps and fines) increased by $757 million or 8 per cent to $9.92 billion, the highest export value on record. This pushed the total exports of iron ore for 2019-20 to over $100 billion representing more than a quarter of Australia’s total goods exported for this period. China was the main market for Australian iron ore exports accounting for 87 per cent of all iron ore exported in 2019-20.Adding to the increase in exports in June 2020 were non-monetary gold, up $916 million or 67 per cent to $2.29 billion, and petroleum, up $208 million or 47 per cent to $651 million.