Australia’s export earnings from energy and mineral commodities in 2010 soared to record $165 billion, 25 per cent higher than in 2009, according to ABARES’ Australian mineral statistics–December quarter 2010 report.

ABARES Deputy Executive Director, Paul Morris, said the record export earnings reflected continuing strong growth in demand from Australia’s major trading partners such as China, Japan and the Republic of Korea.

“In 2010, there were increases in export earnings for iron ore, metallurgical coal, copper and crude oil, underpinned by higher export volumes and higher world prices,” Mr Morris said.

The average index of export prices of energy and mineral resources increased by 13 per cent in 2010, supported by a 24 per cent increase in metals and other minerals export price index. The energy commodities export price index remained largely unchanged in 2010 compared with 2009.

“Over the medium term, Australia’s mineral and energy export earnings are projected to remain at historically high levels as expansions to production and infrastructure capacity support growth in the nation’s exports,” Mr Morris said.

Commodities that recorded significant increases in export earnings in 2010 included: iron and steel, up $531 million (61 per cent) to $1.4 billion; iron ore, up $17 billion (57 per cent) to $47 billion; crude oil, up $3.3 billion (43 per cent) to $11 billion; zinc, up $570 million (32 per cent) to $2.4 billion; copper, up $1.7 billion (29 per cent) to $7.5 billion; nickel, up $721 million (22 per cent) to $4 billion; and metallurgical coal, up $4.7 billion (19 per cent) to $30 billion.

Commodities that recorded significant decreases in export earnings included: uranium oxide, down $291 million (27 per cent) to $779 million; diamonds, down $98 million (18 per cent) to $452 million; thermal coal, down $1.2 billion (9 per cent) to $13.2 billion; and refined gold, down $428 million (3 per cent) to $13.8 billion.

ABARES’ projections of production, exports and prices for the period to 2015-16 for Australia’s key energy and mineral commodities were published in Australian commodities–March quarter 2011, released on 1 March 2011.