Australia’s iron ore exports rise by 11 percent in 2010

In 2010, Australia's iron ore production increased by 10 percent year on year to 432 million mt, which was supported by higher production from the Pilbara region in Western Australia. As a result of higher production, Australia's iron ore export volume increased by 11 percent year on year to 402 million mt. In 2010, the country's export earnings from iron ore increased by 57 percent compared to 2009 to AU$47 billion (US$47.35 billon), largely because of increases in average iron ore contract prices, according to a report released by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
 
On the other hand, in the last quarter of 2010, Australia's iron ore production increased by five percent to 115 million mt compared with the previous quarter, which was mainly attributable to increased production from operations owned by Rio Tinto, BHP Billiton and Fortescue Metals Group. The year-on-year increase was registered at seven percent. Reflecting this, export volumes increased by 10 percent in the given quarter compared to the previous one, which was more than offset by a decline in the contract price, resulting in a three percent decrease in export earnings to AU$13 billion (US$13.11 billion). The year-on-year increase in Australia's fourth quarter iron ore export volume was 11 percent.