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Resources and energy export earnings strong for 2012

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Resources and energy export earnings strong for 2012 article image
Australia’s resource and energy commodity export earnings are expected to reach $206 billion in 2011-12, says the quarterly report by the Bureau of Resources and Energy Economics (BREE). The Resources and Energy Quarterly - December quarter 2011 forecasts an increase in the value of local resources, with energy exports in 2011-12 to be underpinned by higher earnings from iron ore, coal, oil, gas and gold. BREE’s executive director and chief economist, Professor Quentin Grafton said: "The 15 percent increase in Australia’s minerals and energy export earnings will be underpinned by strong growth in export volumes for iron ore and coal and high gold prices." Export values for iron ore are expected to increase 11 percent to $50 billion as well as metallurgical coal up 13 percent to $34 billion and gold up 45 percent to $19 billion. The growth in earnings in 2011-12 is also expected to be underpinned by growth in export values for thermal coal, crude oil and condensate as well as liquefied natural gas. "The increase in iron ore and thermal coal export volumes reflects recent expansions to mine and infrastructure capacity, while metallurgical coal exports are forecast to be higher as production conditions improve in Queensland," said Grafton. The 2011-12 period will also see increases in export volumes for thermal coal (up 14 percent to 163 million tonnes), iron ore (up 13 percent to 460 million tonnes), as well as gold, copper and metallurgical coal. The past quarter has seen risks to Australia’s mineral and energy exports increase, reflected in the forecast value of exports being revised down by four percent compared with the September 2011 quarterly forecast. "Despite the uncertainty surrounding the outlook for some European economies, Australia’s export volumes for most commodities have remained strong in the second half of 2011, while prices for many commodities have remained at historically high levels," said Grafton.

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