- Home
- About us
- Visas and migration
- Travelling to Australia
- Services for Australians
- Doing business with Australia
- Study in Australia
- Media
- About Australia
- Australia- Canada relationship
- Events
AUSTRALIA SET FOR ANOTHER RECORD
YEAR FOR COMMODITY EXPORTS
Australia’s commodity export earnings have been forecast to increase by 7 per cent to a record $148 billion in 2007-08. Forecasts on Australia’s commodity exports out to 2011-12 were contained in the March quarter issue of Australian Commodities released today by the Australian Bureau of Agricultural and Resource Economics (ABARE)
The forecast on several Australia’s key commodities was issued this week in Canberra at the National Agricultural Outlook Conference at which the Bureau’s Executive Director, Mr Phillip Glyde, said that the growth in export earnings forecast for 2007-08 mainly reflected increased shipments of iron ore, coal, LNG, copper, grains and oilseeds in response to strong demand in overseas markets.
The total value of Australia’s minerals and energy exports is forecast to rise by 8 per cent to $116 billion in 2007-08, following a forecast rise of 17 per cent to $108 billion in 2006-07.
In 2007-08 Australia’s iron ore exports were forecast to be Australia’s largest export commodity (in value terms), followed by metallurgical coal, gold and nickel.
Mr Glyde said that under the assumption of average seasonal conditions, the value of farm exports is forecast to be $27.2 billion in 2007-08, compared with a forecast $26.3 billion in 2006-07.
Commodities for which export earnings were forecast to rise in 2007-08 included most grains and oilseeds, beef and veal, lamb and cheese.
Farm export prices were forecast to increase by 2.5 per cent in 2007-08. While world indicator prices were predicted to average lower in 2007-08 for wheat, wool and sugar, the effects are more than offset by forecast higher prices for corn, soybeans, cotton and dairy products.
Over the medium term, the value of Australian commodity exports was projected to rise in real terms in 2008-09, before gradually easing toward the end of the projection period. By 2011-12, Australian commodity exports are projected to be worth around $141 billion in 2006-07 dollar terms, 2 per cent higher than in 2006-07.
The optimistic forecast comes as Australian mining and resources giant, Rio Tinto and its partners have approved investment of US$750 million (A$950 million) for the development of a major thermal coal mine project in Queensland.
CRA’s Energy Executive, Preston Chiaro, said the mine at Clermont, in central Queensland, would become Australia's largest thermal coal producer when it reaches full capacity, scheduled for 2013.
The Clermont mine would replace the capacity of the nearby Blair Athol mine, both operated by Rio Tinto. Clermont would boost its output as Blair Athol drew to its closure in 2012.
When completed, Clermont would produce 12.2 million tonnes of high quality thermal coal each year, supplying Japanese power utilities and other customers.
The mine is expected to have a life of about 17 years at this production rate. First coal shipments were expected in the second quarter of 2010, supplying Japanese power utilities and other customers, with full capacity being reached in 2013.
Canberra
07 March 2007