Resources and energy exports show healthy increase
The Bureau of Resources and Energy Economics’ (BREE) September quarterly report shows a 4 per cent increase in the value of Australia’s resources and energy exports. The increase brings the quarterly export value to a record $48.8 billion.
"The record level of resources and energy export earnings in the September quarter 2011 reflects higher export earnings from iron ore, metallurgical and thermal coal, gold and LNG," said Professor Quentin Grafton, BREE Executive Director and Chief Economist on releasing the report.
The index of export prices of energy and mineral resources was flat in the September quarter compared with the June quarter of 2011, as a 4 per cent increase in energy prices was offset by a 2 per cent decrease in metals and other minerals.
Commodities that recorded significant increases in export earnings over the September quarter include: iron ore, up $717 million (5 per cent) to $15 billion; thermal coal, up $613 million (17 per cent) to $4.2 billion; refined gold, up $773 million (25 per cent) to $3.9 billion; liquefied natural gas (LNG), up $388 million (15 per cent) to $3 billion; and copper, up $158 million (7 per cent) to $2.3 billion.
Commodities that recorded significant declines in export earnings in the September quarter include: nickel, down $78 million (8 per cent) to $911 million; zinc, down $78 million (12 per cent) to $576 million; and manganese ore and concentrate, down $31 million (9 per cent) to $322 million.
Iron ore and coal production increased in the September quarter 2011 relative to the June quarter, while refined base metal production decreased.
"Record iron ore production in the September quarter was underpinned by expansions to capacity in the Pilbara region, while coal production in Queensland continued to recover following the heavy rainfall in early 2011," said Professor Grafton.
The full report can be found here