ID :
167149
Thu, 03/10/2011 - 11:53
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Shortlink :
http://m.oananews.org//node/167149
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Key Aust exports hit $165 billion in 2010
SYDNEY, March 10 (AAP)- Steady demand from key trade partners in Asia pushed Australia's energy and minerals export earnings to $165 billion in 2010.
That's a 25 per cent increase on the previous year, according to latest report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
Average prices rose by 13 per cent for the year for commodities including iron ore, metallurgical coal and some base metals, despite a slight dip in the December quarter.
Some of the best export performers were iron and steel, which gained $531 million or 61 per cent to $1.4 billion; iron ore, which rose $17 billion (57 per cent) to $47 billion; and crude oil, up $3.3 billion (43 per cent) to $11 billion.
Metallurgical coal earned $30 billion - an increase of $4.7 billion or 19 per cent.
Around half of all commodities recorded increased production in 2010, although uranium oxide, diamond and thermal coal bore the brunt of declines in earnings.
ABARES said in a statement on Thursday that demand from major trading partners China, Japan and the Republic of Korea helped fuel local growth in the sector.
It predicts earnings will remain at historically high levels given proposed expansions in production and infrastructure capacity.
That's a 25 per cent increase on the previous year, according to latest report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
Average prices rose by 13 per cent for the year for commodities including iron ore, metallurgical coal and some base metals, despite a slight dip in the December quarter.
Some of the best export performers were iron and steel, which gained $531 million or 61 per cent to $1.4 billion; iron ore, which rose $17 billion (57 per cent) to $47 billion; and crude oil, up $3.3 billion (43 per cent) to $11 billion.
Metallurgical coal earned $30 billion - an increase of $4.7 billion or 19 per cent.
Around half of all commodities recorded increased production in 2010, although uranium oxide, diamond and thermal coal bore the brunt of declines in earnings.
ABARES said in a statement on Thursday that demand from major trading partners China, Japan and the Republic of Korea helped fuel local growth in the sector.
It predicts earnings will remain at historically high levels given proposed expansions in production and infrastructure capacity.
