Australian Resources Exports Surge to Record Levels
Australian Government’s Department of Industry, Science, Energy and Resources “Resources and Energy Quarterly June 2021” said that Australia's resources and energy exports are estimated to reach AUD 310 billion in 2020/21, up more than 6% on the record set in 2019/20. This figure is forecast to rise to AUD 334 billion in 2021/22.
Iron ore export earnings are estimated to rise by 45% to AUD 149 billion in 2020/21, accounting for almost half of Australia's resources and energy exports. Australian export volumes are expected to grow steadily, from 871 million tonnes in 2020–21 to 954 million tonnes by 2022–23. This reflects the commencement of several new mines in Western Australia.
Metallurgical coal export values are forecast to reverse most of their recent decline, rebounding from AUD 22 billion in 2020–21 to almost AUD 32 billion by 2022–23. Australia’s exports are forecast to rise from a 2020–21 low of 171 million tonnes to reach 186 million tonnes by 2022–23.
Thermal coal export values are forecast to be AUD 17 billion in 2021/22, down from AUD 20 billion in 2019/20. The COVID-19 pandemic and informal import restrictions imposed by China have led to a decline in Australian thermal coal exports, from 213 million tonnes in 2019-20 to a forecast 194 million tonnes in 2020–21. Exports are expected to recover to 212 million tonnes by 2022–23, as Asian economies return to normal conditions
LNG export earnings are forecast to increase from an estimated AUD 33 billion in 2020/21 to AUD 49 billion in 2021/22. Australian export volumes are forecast to increase by 5.3% to 83 million tonnes in 2021-22, as technical issues are resolved at the Prelude and Gorgon LNG plants. Export volumes are forecast to be relatively flat in 2022-23.