Energy, mineral export earnings up 41% in June quarter
Australia's quarterly energy and mineral resource export earnings climbed 41 per cent to the second-highest, according to government data released today.
Export sales rose to A$44 billion ($40 billion) in the three months to June 30 from A$31.2 billion in the March quarter, the Australian Bureau of Agricultural and Resource Economics- Bureau of Rural Sciences said in its Mineral Statistics report.
"Higher contract prices for bulk commodities, and increases in export of coal, iron ore and crude oil in the June quarter underpinned the increase in export earnings, which is the second highest on record" said ABARE-BRS Deputy Executive Director Paul Morris.
For the fiscal year ended June 30, the value of Australia's energy and mineral exports declined by 14 per cent to $137 billion. The lower export earnings largely reflected lower average coal and iron ore prices over the course of 2009-10 and an 18 per cent appreciation of the Australian currency.
The index of export prices of Australian energy and mineral resources slumped by 22 per cent in the fiscal year, as lower contract prices for coal and iron ore were only partly offset by higher export prices for base metals and petroleum products. Export prices for energy commodities declined by 35 per cent while prices for metals and other minerals were down 8 per cent.
In 2009-10 export volumes increased for two thirds of energy and mineral resources tracked by ABARE-BRS, including metallurgical coal, iron ore, liquefied natural gas, crude oil, nickel, alumina and zinc.
According to the report, commodities which recorded significant increases in export earnings include: tin, up 44 per cent to $101 million; nickel, up 32 per cent to $3.6 billion; zinc, up 19 per cent to $2.2 billion; titanium minerals, up 12 per cent to $1.3 billion; lead, up 11 per cent to $1.8 billion; and copper, up 11 per cent to $6.5 billion.
Meanwhile, commodities that posted significant declines in export earnings in 2009-10 include: thermal coal, down 34 per cent to $11.9 billion; metallurgical coal, down 33 per cent to $24.5 billion; petroleum refinery products, down 28 per cent to $564 million; uranium oxide, down 24 per cent to $751 million; liquefied natural gas, down 23 per cent to $7.8 billion; and refined gold, down 20 per cent to $13 billion.
Local production of many energy and mineral commodities was higher in 2009-10, with the index of mine production increasing by 2 per cent, including for iron ore, gold, black coal, refined nickel, and iron and steel, the report said.
ABARE-BRS will update its forecasts for production, exports and prices for the current fiscal year on 21 September.