GAS

Gas exports soar, but oil imports leave Australia sore: DFAT

NATURAL gas has for the first time become one of Australia’s top 10 exports, rising 47% to $3.2 billion this year, according to figures released from the Department of Foreign Affairs and Trade. But this has been offset by rising oil prices, which has caused imports of crude and refined petroleum to double in value.

The new figures report that natural gas was the only new entrant to the top 10 list, with exports mainly going to Japan and South Korea.

It is likely to grow even further next year, due to strong prices and growing demand, particularly from China, the report said.

In addition, Australia's export of crude petroleum was up 23% to $5.7 billion. Coal exports hit a record $17.1 billion, up 57% due to rocketing international prices.

On the other hand, imports of crude petroleum rose 54% in value to $9.7 billion, with refined petroleum imports up 47% to $4.9 billion.

Australia’s total imports climbed 12%, reaching a record $187.8 billion, and leaving a trade deficit of $25.5 billion. Meanwhile, a 3% jump in total exports came on the back of price increases, the report said.

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