According to the estimate of the Australian Bureau of Resources and Energy Economics (BREE) released on December 13, Australia's resources and energy commodity export earnings are forecast to reach a record A$206 billion in the 2011-12 fiscal year ending on June 30, 2012.
"The 15 percent increase in Australia's minerals and energy export earnings will be underpinned by strong growth in export volumes for iron ore and coal and high gold prices," said Professor Quentin Grafton, BREE's executive director and chief economist.
The growth in earnings in the fiscal year 2011-12 is forecast to be underpinned by increases in export values for iron ore, up 11 percent to A$60 billion, and metallurgical coal, up 13 percent to A$34 billion, while the growth in export volumes in FY 2011-12 is forecast to be up 13 percent to 460 million mt for iron ore, largely as a result of higher production at projects in the Pilbara region of Western Australia, and up seven percent to 150 million mt for metallurgical coal, reflecting increased production in Queensland.
The report also notes that in 2012 Australia's iron ore exports are forecast to increase by 12 percent, relative to 2011, to total 481 million mt. Increased exports in 2012 are expected to be supported by increased production from a number of projects which started up in 2011 or are scheduled to start up in 2012.