AUSTRALIA'S export earnings from resources dropped 2 per cent in the September quarter on the back of the rising Australian dollar, but export volumes for iron ore and coal reached record levels.
The latest mineral statistics report from the Australian Bureau of Resource Economics, (Abare), today showed that earnings from energy and mineral resources fell to $30.2 billion, with a 10 per cent increase in the value of the Australian dollar against the US currency playing a major factor in the decline.
Export earnings for coal and iron ore were lower during the September quarter but export volumes of the commodities reached record levels, the report found.
Abare’s deputy executive director, Terry Sheales, said: "Strong demand for coal and iron ore from Japan, the Republic of Korea and China underpinned record export volumes in the September quarter.”
The report also found that production was higher in the quarter for about two-thirds of Australia's major mineral and energy commodities. Significant increases in production were observed for diamonds, iron, steel, refined gold, iron ore, mined nickel and coal.
Commodities recording significant increases in export earnings in the September quarter included liquefied petroleum gas, up 47 per cent to $292 million, nickel, up 31 per cent to $833m and liquefied natural gas, up 8 per cent to $1.7 billion.
The increases were offset by commodities, which recorded declines in export earnings, including metallurgical coal, down 11 per cent to $5.5bn, and thermal coal, down 9 per cent to $3.2bn.
source: The Australian
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