Australia is on course to achieve a record-breaking performance in aluminium exports, with the metal now ranking as the fourth-largest export category after iron ore, coal, and natural gas. According to the International Trade Administration, Australia’s aluminium exports in the first eleven months of 2024 totalled 1.322 million tonnes, valued at US$3.283 billion.
Delving deeper into export volume and value
According to the historical data from the International Trade Administration, Australia’s year-to-date aluminium export value demonstrated a significant jump of 4.12 per cent from US$3.153 billion to US$3.283 billion. However, on the other hand, export volume decreased by 0.90 per cent Y-o-Y from 1.333 million tonnes to 1.321 million tonnes.
In the full year 2023, Australia exported 1.462 million tonnes of aluminium, up by 5.56 per cent from 1.385 million tonnes in 2022, marking a continued increase for the third consecutive month, given a rise of 0.87 per cent in the previous year from 1.373 million tonnes in 2021.
The export value is on an upward trend this year, following an annual dip of 15.52 percent in 2023, growing from US$3.975 billion to US$3.441 billion.
Amid the sluggish year-to-date aluminium export volume, it remains to see if the country can export more than 140,000 tonnes to beat the previous year’s record.
Product-wise export overview
Unwrought aluminium is Australia’s highest exporting product, amounting to 1.32 million tonnes during January-November 2024, down by 0.60 per cent from 1.328 million tonnes during the corresponding period of the previous year. Against 1.32 million tonnes of export, the value stood at UD$3.26 billion, impressively up by 4.09 per cent from US$3.132 billion. In 2023, the country’s unwrought aluminium exports were 1.456 million tonnes at a value of US$3.42 billion.
After unwrought aluminium, the second-highest export product from Australia is aluminium foil, amounting to 1,877 tonnes through the first eleven months of 2024 versus 1,393 million tonnes a year ago. As per the historical data, the country’s year-to-date aluminium foil exports have already surpassed 1,628 tonnes achieved in 2023. Since 2021, Australia’s aluminium foil exports have been increasing consistently over each year. From 525 tonnes in 2021, the export volume jumped to 774 tonnes in 2022 and further grew above 1,000 tonnes in the subsequent years.
Along with the volume, the value of Australia’s aluminium foil exports surged to US$4.456 million during January-November 2024 against US$2.96 million during the corresponding period of the previous year. The year-to-date value even exceeded the prior year’s record of US$3.547 million, which was 13.7 per cent higher than US$ million in 2022.
Australia’s aluminium exports have been booming over the years, driven by rising demand from Asia with increased uses in building, electrical vehicle manufacturing, and industrial production across housing and business sectors. Global aluminium prices contributed significantly to the impressive export value growth, standing as high as US$2,654.50 per tonne as of Novemnber 20.
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