Resources exports to hit record levels by 2013
Australia’s resources and energy commodity export earnings are forecast to reach a record $209bn in 2012-13, according to the Bureau of Resources and Energy Economics latest report.
BREE’s Resources and Energy June Quarterly forecasts significant growth in export values for iron ore, gold, thermal coal, liquefied natural gas, copper and alumina.
With the exception of aluminium, export volumes for all major minerals and energy commodities are predicted to increase. Alumina is expected to rise 15%, metallurgical and thermal coal 13% each and iron ore and copper both 10%.
Economic growth across a number of major economies, including China, is assumed to slow in 2012, relative to 2011, but increase in 2013.
A lower assumed value of the Australian dollar against the US dollar in 2012-13 will also support increases in the value of Australia's resources and energy exports, the Bureau said.
The Bureau’s executive director, Professor Quentin Grafton, said predicted increases to exports for the majority of commodities reflected recent expansions to Australia's mine and infrastructure capacity.
“Despite the uncertainty surrounding the outlook for some European economies, Australia’s export volumes for most commodities have remained strong throughout 2011–12, while prices for many commodities have remained at elevated levels relative to historical norms.”