Export earnings from Australia’s energy and mineral commodities saw a 10 per cent slump in the March quarter of 2011 compared with the December quarter of 2010, according to new data released today.

ABARES' Australian mineral statistics–March quarter 2011 reveals earnings for the three-month period were down to $40.3 billion.

ABARES Chief Commodity Analyst, Jammie Penm said the decrease in export earnings reflected a decline in production and export volumes for a number of commodities, which were affected by adverse weather conditions.

“The fall in export earnings reflected lower export volumes for a number of commodities including metallurgical and thermal coal, copper, iron ore and pellets as well as crude oil and other refinery feedstock,” Dr Penm said.

The decline in export volumes in the March quarter was partly offset by an increase in prices for a number of commodities, with the average index of export prices of energy and mineral resources increasing by 9 per cent in March 2011.

This was supported by a 10 per cent increase in the metals and other minerals export price index and an 8 per cent increase in energy commodities export price index.

Production of around 70 per cent of Australia’s major mineral and energy commodities was lower in the March quarter of 2011, compared with the December quarter of 2010 including for uranium oxide, coal, mined zinc, refined gold and iron ore and concentrate.

”Heavy rain and flooding in Queensland and New South Wales affected metallurgical and thermal coal production, while heavy rain in Western Australia resulted in lower iron ore production for the March quarter of 2011,” Dr Penm said.