Record earnings from mineral exports
Export earnings from mineral resources hit a record $159.7 billion in the 2008/09 financial year, according to the Australian Bureau of Agricultural and Resource Economics (ABARE), representing an increase of 37 percent.
“The record earnings reflect a 16 percent depreciation of the Australian dollar and higher contract prices for bulk commodities in the first nine months of the financial year,” said ABARE deputy executive director Dr Terry Sheales releasing ABARE’s June quarter 2009 edition of Australian mineral statistics.
Higher index prices for energy, a 68 percent rise, contributed to the boosted earnings. According to ABARE, the index of metals and other minerals prices increased by 12 percent, with higher export prices for iron ore offset by lower export prices for other commodities.
Coal, liquefied natural gas, and iron ore were the top performers while “production of nickel, iron and steel, zinc, gold and black coal declined in 2008/09,” said Sheales.
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