Australia's export earnings from energy and mineral resources slid 2% to $A30.2 billion, with a 10% increase in the value of the Australian dollar against the US dollar a major factor in the decline of export earnings.
According to the Australian Bureau of Agricultural and Resource Economics, export earnings for coal and iron ore were lower, reflecting the full effect of lower contract prices and the appreciation of the Australian dollar. However, export volumes of the commodities reached record levels.
Metallurgical coal was down $684 million (11%) to $5.5 billion and thermal coal was down $296 million (9%) to $3.2 billion.
“Strong demand for coal and iron ore from Japan, the Republic of Korea and China underpinned record export volumes in the September quarter,” ABARE deputy executive director Terry Sheales said.
The index of export prices of Australian energy and mineral resources declined 11% and the energy export price index fell 14%.
