China cuts off nose to spite face as iron ore revenues skyrocket

Via the ABS:

Key statistics

  • The seasonally adjusted balance on goods and services surplus increased $1,641m to $7,456m in October.
  • Exports of goods and services rose $1,819m (5%) to $35,720m.
  • Imports of goods and services rose $178m (1%) to $28,264m.

Main features

Key figures, Seasonally adjusted
Aug-20 ($m) Sep-20 ($m) Oct-20 ($m) Change Sep-20 – Oct-20 ($m) Change Sep-20 – Oct-20 (%)
Balance on goods and services 3 014 5 815 7 456 1 641 n/a
Goods and services credits 33 041 33 901 35 720 1 819 5
Goods and services debits -30 027 -28 086 -28 264 178 1

Balance on goods and services

In seasonally adjusted terms, the balance on goods and services was a surplus of $7,456m in October 2020, an increase of $1,641m on the surplus in September 2020.

Goods and services summary (a), Seasonally adjusted
Aug-20 ($m) Sep-20 ($m) Oct-20 ($m) Change Sep-20 – Oct-20 ($m) Change Sep-20 – Oct-20 (%)
Balance on goods and services 3 014 5 815 7 456 1 641 n/a
Total goods and services credits 33 041 33 901 35 720 1 819 5
Total goods credits 27 958 28 701 30 545 1 844 6
Total services credits 5 083 5 200 5 175 -25
Total goods and services debits -30 027 -28 086 -28 264 178 1
Total goods debits -26 287 -24 410 -24 572 162 1
Total services debits -3 740 -3 677 -3 692 15

Hilariously, there is only one driver:

All-time monthly iron ore revenues and still rocketing.

What a ridiculous country.

David Llewellyn-Smith

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