Import of Cars & Petroleum Reached its Lowest level in May 2020

  • Jun 24, 2020 AEST
  • Team Kalkine

As per the recent ABS preliminary international trade in goods figures, the value of import and exports of goods have declined during May 2020.

The value of import declined by 9% from the revised figure for April 2020 and 18% as compared to the previous corresponding period. The drop in the import was due to fall in the value of import of road vehicle and petroleum.

A significant fall was seen in the import of road vehicles since March 2020 and is the lowest value since 2011.

In May 2020, the value of imports of petroleum was at its lowest level since 2005 because of the drop in the demand due to COVID-19 restriction and weak oil prices.

The value of goods exported slipped 4% on the revised figure (April) of $31.1 billion to $29.7 billion.

 


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