While overall export levels are maintaining their high levels, exports of ores & minerals are falling, fuel exports are falling faster, and coal exports are diving. Saving the day is the rural sector - and gold

Data released for November exports show they fell -2.1% from October on a seasonally adjusted basis, to be up +3.6% from November 2024.

On an annual basis, the November export activity rose to $522.3 bln which was well below the record pace set in March 2023 of $608.3 bln. From November 2024 the current rate is just +0.7% ahead.

These changes are modest compared to the big shifts that are occurring within the major export categories. Basically the gloss is going off the mineral sectors - apart from gold.

These charts track the long-run annual export earnings since 1972, so more than a 50 year perspective. (All data is $ bln.)

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Ores and related minerals are currently -14% below their September 2021 peak. Coal exports are currently -54% below its February 2023 peak. Other fuels (natural gas mainly) are currently -34% below their March 2023 peak. 

But rural exports are currently are high as they have ever been. 

Gold exports are also at record highs. And everything else is also currently at its record level.

Interestingly the sharp fall in coal exports puts them now well below rural exports, and they are about to be eclipsed by gold exports as well.