“The record earnings reflect increased export volumes for most commodities and significantly higher prices for bulk commodities,” said Phillip Glyde, ABARE Executive Director, on releasing the report.

However, Mr Glyde said that as the majority of price falls had occurred since mid-September, the recent collapse in commodity prices was not captured in the report.

The index of export prices of Australian energy and mineral resources increased by 20 per cent in the September quarter. The energy export price index increased by 28 per cent, reflecting increased thermal and metallurgical coal contract prices. Prices for metals and related minerals increased by 13 per cent, largely as a result of higher contract prices for iron ore.

Commodities recording significant increases in export earnings in the September quarter included: metallurgical coal, up $3.5 billion (53 per cent) to $9.9 billion; iron ore, up $2.6 billion (38 per cent) to $9.4 billion; thermal coal, up $1 billion (37 per cent) to $3.8 billion; gold, up $967 million (34 per cent) to $3.8 billion; liquefied natural gas (LNG), up $365 million (21 per cent) to $2 billion; and aluminium, up $237 million (20 per cent) to $1.4 billion.

Commodities recording large declines in export earnings in the September quarter included: nickel, down $603 million (63 per cent) to $355 million; diamonds, down $48 million (30 per cent) to $110 million; petroleum refinery products, down $41 million (17 per cent) to $199 million; uranium, down $23 million (13 per cent) to $148 million; and titanium dioxide, down $17 million (19 per cent) to $73 million.

“Production of around two-thirds of Australia’s major mineral and energy commodities increased during the quarter. In particular, diamonds, refined silver, uranium, refined gold and black coal production were all higher,” said Mr Glyde.