Merchandise imports up $11bn in 2014

Merchandise imports up $11bn in 2014

Following on from previous reporting on Australia’s total imports and exports up until November 2014, Lloyd’s List Australia analyses the latest Australian Bureau of Statistics (ABS) data on international merchandise imports.

Australia’s total international merchandise imports increased 4.9% in value year-on-year from 2013, standing at $252.2bn and $240.52bn respectively, according to the latest data from the Australian Bureau of Statistics (ABS).

Although imports fluctuated month-to-month, there was a general upward trend for the year with imports rising, on average, by $74.25m per month.

A gradual decline occurred from January, when imports were worth $21.53bn, until March, which saw imports worth $19.63bn.

Imports were then on the rise until May, at a rate of $461.33m per month.

The biggest leap in values occurred from August to September, which saw imports jump 11.9% from $20.19bn to $22.59bn.

The previous year’s merchandise imports were worth markedly less at the beginning of the year, however were on target with 2014’s figures and even surpassed them in July and November.

Imports from China up by $72m a month

Merchandise imports from China – Australia’s biggest trading partner – were up 10% in 2014 compared with the previous year, and were worth $51.97bn, according to the latest data from the Australian Bureau of Statistics (ABS).

Australia’s merchandise imports from China were worth $47.15bn in 2013.

And the value of these imports grew by an average of $72.41m per month between December 2013 and December 2014.

The state receiving the largest value of imports from China was New South Wales at $24.82bn – 36% of total NSW imports worth $91.4bn which was up 10% from the previous year’s figures which stood at $22.58bn.

And NSW imports from China grew by an average of $36.16m per month between December 2013 and December 2014, with the largest volume coming in at $2.59bn in November, 2014.

Australia’s second-largest import source last year was the US and those merchandise imports came in at $26.42bn at a growth rate of $16.66m per month since December 2013.

NSW’s imports from the US were worth $10.35bn last year, 11% of the state’s total, and were up from $9.54bn in 2013.

This article has been taken directly from here.

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