Crude oil had the largest fall in export earnings in 2001-02, down $2 billion (25%) to $6.14 billion, "mainly as a result of a 21% fall in the average export price and slightly lower export volumes", Australian Bureau of Agriculture and Resource Economics executive director Dr Brian Fisher said.
Other commodities that experienced falls of $100-400 million in fiscal 2002, also because of lower prices, included: alumina, down $394 million (9%) to $4.11 billion; refined petroleum products, down $341 million (18%) to $1.5 billion; zinc, down $338 million (18%) to $1.54 billion; nickel, down $292 million (14%) to $1.75 billion; aluminium, down $261 million (6%) to $3.97 billion; iron and steel, down $155 million (10%) to $1.39 billion; uranium, down $136 million (27%) to $361 million; copper, down $112 million (5%) to $2.17 billion; and LPG, down $110 million (13%) to $720 million.
However, there were also some major commodities for which export earnings rose during the year because of higher average prices, ABARE said.
Commodities recording export earnings increases of more than $1 billion in 2001-02 were coking coal, up $1.41 billion (21%) to $8.01 billion, and steaming coal, up $1.11 billion (26%) to $5.31 billion.
Commodities recording increases of $50-300 million included: iron ore, up $262 million (5%) to $5.16 billion; lead, up $91 million (14%) to $728 million; gold, up $64 million (1%) to $4.95 billion; and zircon, up $51 million (22%) to $279 million.
Mineral resource imports were valued at $13.5 billion in the year to June, a decrease of $660 million (5%) from 2000-01, according to ABARE.
The main contributors to the fall in imports in 2001-02 were: crude oil, down $1.29 billion (15%) to $7.46 billion; and refinery petroleum products, down $155 million (9%) to $1.63 billion.
ABARE said it plans to release revised forecasts of minerals production, exports and prices for 2002-03 on September 23.
