The NSW Minerals Council says demand for coal from emerging markets is on the rise.
The council’s CEO Stephen Galilee says exports to Korea have risen by 8 per cent, while exports to Taiwan are up 21 per cent.
Meanwhile, across the rest of Asia outside of Japan and China, coal exports have more than doubled to 15.6 million tonnes over the last nine months.
“We are also seeing the rise of India as a new growth market for the quality NSW thermal coal, with exports to the country doubling so far over this financial year,” Galilee said.
Figures released by Coal Services show that in the last nine months to 31 March 2015 exports of NSW coal to India have doubled from 3.2 million tonnes to 7.7 million tonnes, highlighting the market opportunities for our state's largest commodity export on the subcontinent.
“The most up-to-date forecast from the International Energy Agency predicts global electricity demand could double between 2009 and 2035 as more people gain access to electricity and household energy consumption grows in the developing world. On this assessment the IEA says coal will meet more of the increase in global energy demand than oil or gas over the next five years, and will still provide around a quarter of world energy by 2040. ” Galilee said.
“Ongoing export demand and the emergence of new markets indicates solid long term prospects for our state’s coal sector; on-ground that means jobs and investment. That’s why it’s so important we get the policy settings right here in NSW.”