Pete Wargent blogspot


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Friday, 7 February 2020

Record year for iron ore, export values

Record ore

2019 was a record year for iron ore export values, driving a remarkable period for Fortescue Metals and Rio Tinto. 

Lower gas and coal prices are starting to bite, but Aussie dollar gold is on a tear.

This helped to drive a record $493 billion of exports in 2019.

It's been strong few years driven by Chinese demand and often very high bulk commodity prices.

Where the bloody hell are they?

Sadly tourism was going great guns until November, but despite the launch of the Matesong/Philausophy campaign the sector is all set to crater due to external shocks. 

Imports saw a healthy 2 per cent bounce in December, and although the trade surplus is still high at $5.2 billion, it's now trending lower. 

Get set for all manner of disruption in Q1 due to the bushfires and coronavirus.