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Mineral and energy earnings up for quarter

EARNINGS from Australia's mineral and energy exports were up 3% to a record $13.2 billion in the ...

Staff Reporter

The increase was largely attributed to a weak currency and higher commodity prices.

It was the third consecutive quarterly rise, the Australian Bureau of Agriculture and Resource Economics (ABARE) said.

Year-on-year, the value of the exports, ranging from petroleum products to uranium, rose nearly 40%. Steaming coal rose 16%, or $139 million, to $1.01 billion; coking coal was up 10%, or $131 million to $1.5 billion.

Export earnings from other commodities did not fare as well. Export earnings from nickel fell 22%, or $143 million, to $500 million; gold earnings declined 6%, or $67 million, to $1.12 billion, while copper slipped 8%, or $42 million, to $466 million.

The index of export prices of Australian minerals resources rose by 4% in the September quarter compared with the previous quarter. Export prices for the energy component increased 6.9% while metals and minerals were up 2.5%.

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