12 March 2008 |
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| Australia's energy export earnings increase by $0.5 billion in the December quarter 2007 |
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| Australia's export earnings from mineral resources were largely unchanged in the December quarter 2007 compared with the September quarter 2007, at around $26.7 billion, ABARE Executive Director Phillip Glyde said on releasing the December quarter 2007 Australian Mineral Statistics report. "This is the result of higher earnings from energy commodities being offset by generally lower earnings from exports of metals and other minerals," Mr Glyde said. Export earnings from energy commodities increased by 6 per cent in the December quarter to $9.9 billion. Mr Glyde also noted that while a stronger Australian dollar and lower export volumes for some commodities placed downward pressure on export earnings, mineral resource exports were supported by a rise of 3.3 per cent in the index of export prices of Australian energy commodities. Metals and other minerals prices also rose by 0.3 per cent. Crude oil recorded the largest absolute quarter on quarter increase in export earnings in the December quarter 2007, up $305 million (14 per cent) to $2539 million. This rise was a result of both higher export volumes and prices. Other commodities to record significant increases in export earnings during the quarter were: LNG, up $257 million (22 per cent) to $1430 million; lead, up $184 million (35 per cent) to $709 million; iron ore and pellets, up $132 million (3 per cent) to $4284 million; and thermal coal, up $97 million (6 per cent) to $1791 million. The main commodities to record declines in export earnings in the December quarter 2007 were: refined gold, down $228 million (8 per cent) to $2501 million; aluminium, down $222 million (16 per cent) to $1168 million; copper, down $196 million (12 per cent) to $1477 million; zinc, down $186 million (16 per cent) to $954 million; and nickel, down $142 million (10 per cent) to $1353 million. Australian mineral commodities production was generally higher in the December quarter, with nearly two thirds of Australia's major minerals and energy commodities recording production increases. ABARE's most recent forecasts of production, exports and prices for 2007-08 to 2012-13 for the full range of Australia's key mineral resource commodities were published in the March issue of ABARE's quarterly journal, Australian Commodities, released on 4 March 2008. |
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| For media interviews and comment, please contact Alan Copeland, Senior Commodity Analyst, Energy and Minerals Branch, on 02 6272 2270 or email acopeland@abare.gov.au. For free downloads of the report, Australian Mineral Statistics, please visit the ABARE website www.abare.gov.au or phone Publications on 02 6272 2010. For general media enquiries, contact Maree Finnegan, Media Coordinator on 02 6272 2260 or email mfinnegan@abare.gov.au. |
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