Australia’s resources and energy commodity export earnings are forecast to be $184 billion in 2012–13, according to the Resources and Energy Quarterly—December quarter 2012, released by the Bureau of Resources and Energy Economics (BREE).
“The forecast outlook for 2012–13 is for a substantial increase in the volume of exports for Australia’s bulk commodities (iron ore and coal) relative to 2011–12. However, as a result of a decline in the US dollar price of iron ore and coal from their levels in early 2012, the total value of these exports is expected to decrease” said Professor Quentin Grafton, BREE’s Executive Director and Chief Economist.
The largest increases in volumes are forecast for LNG (up 26 per cent), thermal coal (up 14 per cent), iron ore (up 9 per cent) and metallurgical coal (up 8 per cent). However, for iron ore and metallurgical coal, forecast lower prices are expected to offset the growth in export volume and result in lower export earnings for these commodities.
“Further growth in Australia’s export earnings from resources and energy will depend on increased volumes. This is because resource commodity prices, with a few exceptions, are not expected to return, in real terms, to their historic highs of 2011–12” said Professor Grafton.
[mappress] LNG World News Staff, December 12, 2012