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AUSTRALIA’S MINING EXPORTS RECORD ROBUST GROWTH
Australia’s mineral export earnings continued to grow in December quarter 2006.
The December quarter of the Australian Mineral Statistics report, showed that Australia’s export earnings rose by 2 per cent in the December quarter 2006 compared with the previous quarter —a rise of $602 million to $27.1 billion.
Executive Director of the Bureau of Resources Economics, Mr. Phillip Glyde, said that the strong performance mainly reflected increases in export volumes for over two thirds of the energy and mineral commodities.
“Compared with the December quarter 2005, export earnings were 19 per cent higher,” Mr Glyde said.
“The commodity which recorded the largest increase in export earnings in the December quarter 2006 was nickel, up $358 million (21 per cent) to $2034 million. “This was a result of increases in both export volumes and export prices,’ he said.
Other commodities which recorded significant increases in export earnings in the December quarter 2006 were: zinc, up $236 million (25 per cent) to $1.2 billion; iron ore and pellets, up $194 million (5 per cent) to $4.1 billion; and alumina, up $107 million (7 per cent) to $1.7 billion.
The index of export prices of Australian mineral resources (export unit returns) fell by 3 per cent in the December quarter 2006, compared with the previous quarter.
‘This reflects a reduction in energy minerals prices of 9 per cent while metals and related minerals prices rose by 2 per cent,’ Mr Glyde explained.
The report also said that earnings for some major export commodities decreased during the December quarter 2006. Earnings from coking coal, aluminium and refined gold decreased due mainly to lower export volumes, while export earnings from crude oil, LNG and petroleum refinery products decreased because of lower prices.
“Nevertheless,” Mr Glyde said, “export earnings remained considerably higher than a year ago, except for coking coal and petroleum products.”
Canberra
19 March 2007