02 March 2010

Mineral exports to boost Australian economy

A recovering global economy and increased mineral exports will play a part in boost Australia's commodities export earnings by 15 per cent in the next year.

Australian Economy

The Australian economy will see a boost from mineral exports.

Commodities exports will reap an estimated $187 billion in 2010/11, according the Australian Bureau of Agricultural and Resource Economics (ABARE) March quarter commodities report released today.

The predicted increase is due mainly to a 19 per cent forecast rise in mineral resources exports, and ABARE executive director Phillip Glyde told AAP the outlook showed the recovery speed of the Australian economy.

"I have been surprised by the extent to which we have seen the rebound in demand, particularly for the resources and energy sectors," Mr Glyde said.

"That's a particularly quick turnaround for my mind, and is further confirmation of the good news around about the economy."

Australian iron ore will see increased export volumes, and high than expected prices, and farm exports will be worth around $29 billion in both 2009/10 and 2010/11 with earnings for barley, rice, raw cotton, wine, sugar, live cattle and dairy products to rise in 2010/11. 

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