The Australian Bureau of Agricultural and Resource Economics (ABARE) has forecast a 23.4 per cent rise in Australia’s commodity export earnings in 2010-11.
According to the ABARE’s June issue of Australian Commodities, Australia’s total commodity exports will increase from an estimated $164.1 billion in 2009-10 to $202.5 billon in 2010-11.
“Reflecting continued recovery in the world economy, we are expecting growth in export earnings from the farm sector as well as the minerals and energy sector in 2010-11," said Paul Morris, deputy executive director, ABARE.
According to ABARE, the value of farm exports will increase by 2.5 per cent to $29.1 billion, while earnings from livestock exports are forecast to rise by 6.2 per cent to $14.4 billion. Export earnings from crops are forecast to remain largely the same at $14.6 billion in 2010-11.
Earnings from energy and mineral exports are tipped to rise by 28.5 per cent from an estimated $132.3 billion to $169.8 billion. ABARE also expects the value of energy exports to rise by 27.8 per cent to $71.3 billion, while export earnings for metals and other minerals will increase by 29 per cent to $98.5 billion in 2010-11.
“The forecast increase in earnings from energy and minerals exports in 2010-11 mainly reflects the significant increases in recently negotiated contract prices for coal and iron ore and the forecast higher export shipments,” said Morris.
23 June 2010