The earnings of Australia's resource and energy export is forecast to hit an all-time high in financial year 2019-20.
According to a report published by the Department of Industry, Innovation and Science on Thursday, Australia's mineral exports are expected to be worth 281 billion Australian dollars (about 193 billion U.S. dollars) in 2019-20.
The volume of iron ore exported is expected to account for about 30 percent of all resource exports, with the value hitting an all-time high of 84 billion Australia dollars (57.6 billion U.S. dollars) driven by higher prices, before falling to 66 billion Australian dollars (45.2 billion U.S. dollars) in 2020-21 on the back of a drop in prices.
"The record earnings are underpinned by rising export volumes of iron ore, liquefied natural gas (LNG) and gold," Resources Minister Matt Canavan said in a media release.
"And tech-era commodities such as lithium are set to earn Australia 1.6 billion Australian dollars (1.1 billion U.S. dollars) in export earnings in 2020-21, with the potential for multiples of this number by the end of the next decade."
However, the report warned that metallurgical coal exports will be worth about 35 billion Australian dollars (about 24 billion U.S. dollars) in 2019-20, a drop of nearly 20 percent from 2018-19.
Editor:Cherie
