2010 mineral exports hit record $165B

STRONG demand from Asia, including Japan, the Republic of Korea and China, has seen Australia’s mineral export earnings for 2010 soar to a record high, up 25% year-on-year, with iron ore leading the commodities.
2010 mineral exports hit record $165B 2010 mineral exports hit record $165B 2010 mineral exports hit record $165B 2010 mineral exports hit record $165B 2010 mineral exports hit record $165B

NCIG terminal, image courtesy of Whitehaven.

Staff Reporter

According to the Australian Bureau of Agricultural and Resource Economics and Sciences, export earnings from energy and mineral commodities for the year shot to a record $165 billion.

ABARES deputy executive director Paul Morris said in 2010 there were increases in export earnings for iron ore, metallurgical coal, copper and crude oil, underpinned by higher world prices and higher export volumes.

“Over the medium term, Australia’s mineral and energy export earnings are projected to remain at historically high levels as expansions to production and infrastructure capacity support growth in the nation’s exports,” he said.

Export earnings for iron and steel soared $531 million, or 61%, to $1.4 billion while iron ore jumped $17 billion, or 57%, to $47 billion.

Zinc rose $570 million, or 32%, to $2.4 billion, copper gained $1.7 billion, 29%, to $7.5 billion, nickel added $721 million, 22%, to $4 billion and metallurgical coal was up $4.7 billion, or 19%, to $30 billion.

Uranium oxide fell the most in export earnings, plunging $291 million, or 27%, to $779 million. Diamonds fell 18%, thermal coal shed 9% while refined gold dipped 3%.

The average index of export prices for energy and mineral resources increased by 13% in 2010, supported by a 24% increase in the export price index for metals and other minerals.

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