It is reported that the value of Australia exports have reached more than USD 300 billion for the first time in a single year. And the huge increase in exports of USD 313.3 billion or 10.2% in 2011 was largely driven by a 24.6% increase in mineral exports.

The Department of Foreign Affairs and Trade released its annual Composition of Trade report on Wednesday.

The report said "The big story in Australia commodity exports over the last decade was iron ore and coal. These two commodities have been the driving force in the huge growth in Australia resources exports.”

It said "Iron ore and coal accounted for 58.2% of total resource exports in 2011 with a combined value of USD 110.9 billion."

The record performance resulted in a trade surplus for 2011 of USD 18.3 billion with mineral exports up to USD 86.7 billion on the back of rising iron ore and copper exports.

Coal exports grew 8.8% to USD 46.8 billion with gold up 6.4% to USD 16 billion and personal travel services up 8.9% to USD 22.2 billion.

Source - caboolturenews

(www.coalguru.com)