Australia’s mining and energy exports are expected to have hit a record high of more than $400b as the fallout from Russia’s invasion of Ukraine deepens global shortages of coal and natural gas and sends commodity prices soaring. | NickToscano1
Australia’s mining and energy exports are expected to have hit a record-high of more than $400 billion as the fallout from Russia’s invasion of Ukraine deepens global shortages of coal and natural gas and sends commodity prices soaring.
“Australia’s resources and energy sector continues to underpin Australia’s economy and to support international energy security during the global turbulence caused largely by Russia’s invasion of Ukraine,” she said. “The Australian government is committed to ensuring that the benefits of Australia’s exports flow through to all Australians, as well as the 303,000 Australians who work directly in the resources sector.
Iron ore, the key steel-making raw material, remains by far Australia’s most valuable export. The new trade figures estimate iron ore’s export earnings reached $133 billion for the year on the back of prices averaging between $US110 and $140 a tonne, but warns earnings would decline in the coming two years as mines in Brazil lift production volumes and global demand starts to slow.
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