Australian iron ore exports to rise 14.1%

Australian iron ore exports to rise 14.1%

The report from the Australian Bureau of Agricultural & Resource Economics (ABARE) shows that the country's iron ore exports are expected to increase 14.1% to 274 million tons in 2006. Iron ore exports will reach 240 million tons this year. ABARE also said that Australian thermal coal exports are expected to improve 6.7% to 116 million tons, with production up 3.6% to 181.1 million tons. According to ABARE, Australia and Brazil will likely to capture an increasing share of world trade as India's exports weaken. World seaborne trade is projected to rise 8% in 2005 to 636 million tons and by another 8% in 2006 to 686 million tons.