Australia's trade balance slips $1.4b in November
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The news: Australia’s balance on international trade in goods fell by $1.4 billion in the month to November as iron ore and thermal coal exports plunged, according to new data from the Australian Bureau of Statistics.
The numbers: The value of Australian exports fell by $1.35 billion or 2.9% over the month while the value of imports gained by $63 million or 0.2% This put the balance on goods at $2.94 billion.
The export decline was driven by metal ores and minerals as exports of iron ore lump (-14.4%), iron ores fines (-8.1%) and thermal coal (-4.2%). The value of imported processed industrial supplies lifted 14.8% over the month.
The context: China is Australia’s largest trading partner and the largest buyer of Australia’s iron ore, a key input to steel production.
In November 2025 its steel output fell to its lowest level in nearly two years amid weak demand in property construction and manufacturing.
China’s state backed iron ore trader China Mineral Resources Group has also been locked in a pricing dispute with BHP that began in late September. It has reportedly ordered steel mills to reject two types of BHP iron ore products.
