Australia achieved record export earnings from mineral resources over 2008/2009, a report from the Australian Bureau of Agricultural and Resource Economics (ABARE) has found.
Released by ABARE last week for the June quarter 2009 edition of Australian Mineral Statistics, the report found that the country’s mineral resources increased by 37% to a record $159.7 billion.
“The record earnings reflect a 16% depreciation of the Australian dollar and higher contract prices for bulk commodities in the first nine months of the financial year,” ABARE deputy executive director Dr. Terry Sheales said.
According to ABARE, exports in metallurgical coal rose 129% to $36.7 billion, while thermal coal increased 114% to $17.9 billion and iron ore was up 67% to $34.2 billion.
Among the commodities that fell in exports during the year include nickel, which was down 53% to $2.7 billion and zinc, which fell 45% to $1.9 billion.
“In particular, production of nickel, iron and steel, zinc, gold and black coal declined in 2008/2009,” Sheales said.