The value of Australian commodity exports is forecast to fall by 17% to $162 billion in 2009-10, according to the latest Australian Bureau of Agriculture and Resource Economics (ABARE) commodity outlook.
This and other commodity projections out to 2013-14 are contained in the March quarter issue of the outlook.
Export earnings from energy and minerals commodities are forecast to increase by 40% in 2008-09 to $162 billion, as falling values for base metals are partially offset by higher export earnings from bulk commodities and gold.
For 2009-10 however, energy commodities’ export earnings are forecast to fall by around 34% to $51 billion and metals and other minerals by 11% to $75 billion.
Despite a forecast rise in export volumes an expected significant fall in prices for Australian iron ore is projected to account for the majority of this decline.
By 2013-14 mineral and energy commodity exports are projected to be around $138 billion, 15% lower than the value estimated for 2008-09.