Australia Reports Record Exports Of Iron Ore And Coal
Australia’s exports of iron ore and coal increased to record levels in the December quarter 2009 as a result of strong demand from Asia including Japan, the Republic of Korea and China.
Iron ore export volumes for the quarter were more than 98 million tonnes and coal exports exceeded 74 million tonnes, according to ABARE’s Australian mineral statistics December quarter 2009 report.
“The record volumes of bulk commodity exports in the December quarter were underpinned by demand from steel mills and power stations in Japan, the Republic of Korea and China,” said Paul Morris, ABARE Deputy Executive Director, on releasing the report.
Despite a 9 per cent increase in the value of the Australian dollar, Australia’s energy and mineral resources export earnings increased by 1 per cent to $31 billion in the December quarter 2009.
The index of export prices of Australian energy and mineral resources declined by 5 per cent in the December quarter. The energy export price index declined by 9 per cent and prices for metals and other minerals declined by 1 per cent.
Higher world prices for metals and other minerals such as aluminium, copper, gold and zinc largely offset the effect of the higher Australian dollar in the quarter.
Commodities which recorded significant increases in export earnings include: silver up 31 per cent to $67 million, bauxite up 50 per cent to $45 million, diamonds up 51 per cent to $89 million, manganese ores and concentrates up 33 per cent to $315 million, gold up 13 per cent to $3 billion and iron and steel up 12 per cent to $225 million.
Commodities which recorded significant declines in export earnings include: uranium oxide down 37 per cent to $182 million, metallurgical coal down 7 per cent to $5.3 billion, thermal coal down 9 per cent to $2.9 billion and iron ore down 5 per cent to $6.8 billion.
Production of more than half of Australia’s major mineral and energy commodities was higher during the quarter.
Commodities for which production increased include iron ore, gold, nickel, and aluminium.
ABARE’s most recent forecasts of production, exports and prices for 2009-10 and 2010-11 for Australia’s key mineral resource commodities were published in the March issue of Australian commodities, released on 2 March 2010.
Topics: 2010, ABARE, aluminium, Asia, Australia, Australian dollar, business, China, coal, commodities, commodity, copper, demand, economic development, economic growth, economic recovery, Economy, employment, energy, environment, exports, gold, Governance, government, iron ore, Japan, jobs, manganese, mineral resources, monitor, natural resources, news, prices, production, Republic of Korea, steel mills, zinc
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