Friday, March 12, 2010

Australian Iron Ore and Coal Exports Hit Record Levels

Figures released by the Australian Bureau of Agricultural and Resource Economics (ABARE) show that exports of iron ore and coal both his record levels during the final quarter of 2009.

Iron ore exports hit 98 million tonnes while coal shipments were 74 million tonnes, mainly to South Korea, Japan and China.

Commenting on the figures, ABARE deputy executive director Paul Morris said "The record volumes of bulk commodity exports in the December quarter were underpinned by demand from steel mills and power stations in Japan, the Republic of Korea and China."

Energy and mineral export earnings rose one per cent to A$31 billion (US$28 billion) in the quarter, it added

The record volumes came despite a 9% rise in the value of the Australian dollar.

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