Mining exports fall, still historically high
A fall in global demand and a drop in prices has led to lower export earnings in the energy and mining industry for the first quarter of the year, according to Australian Bureau of Agricultural and Resource Economics (ABARE).
Export earnings from energy and mining commodities dropped by 18 percent, reflecting dampening volumes and declining value for some commodities. While coal and bauxite fell in price, uranium and gold increased in value.
“We have recorded a significant decrease in export earnings but they are still at historically high levels,” said ABARE spokesperson Alan Copeland. “So even though we’ve had this decline, export earnings are still much higher than what they were at the end of 2007.”