Australia: Resource, Energy Exports Climb 15 Percent

The value of Australia’s resources and energy exports in 2011 increased by 15 per cent from the previous year to a record $190 billion, according to the Resources and Energy Statistics December quarter 2011 report released today by the Bureau of Resources and Energy Economics (BREE).

’The record value of resources and energy exports in 2011 reflects increased earnings for the vast majority of resources and energy commodities, including iron ore, coal, LNG, oil and base metals,’ said Professor Quentin Grafton, BREE Executive Director and Chief Economist.

The increase in export values for resources and energy commodities was moderated by the appreciation of the Australian dollar which averaged US$1.03 in 2011, 12 per cent higher than in 2010.

Commodities that recorded significant increases in export earnings in 2011, relative to 2010 include: iron ore, up $9.9 billion (20 per cent) to $59.3 billion; thermal coal, up $2.4 billion (18 per cent) to $15.6 billion; LNG, up $1.6 billion (16 per cent) to $11.1 billion; metallurgical coal, up $1.7 billion (6 per cent) to $31.3 billion; and crude oil and other refinery feedstock, up $1.3 billion (12 per cent) to $12.3 billion.

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LNG World News Staff, March 8, 2012; Image: Woodside