Australian commodity export earnings are forecast to increase by 7 per cent to nearly $150 billion in 2007-08, according to the June issue of ABARE's Australian Commodities.
"While farm sector exports are forecast to rebound following the drought affected earnings of 2006-07, higher export earnings in 2007-08 from mineral resources will be the main contributor to commodity sector performance," executive director Phillip Glyde said.
The value of Australia's minerals and energy exports is forecast to be around $117 billion in 2007-08, a rise of 8 per cent from an estimated $109 billion in 2006-07.
The forecast increase mainly reflects the effects of higher export volumes for mineral and energy commodities.
Earnings from energy exports are forecast to increase by over 6 per cent to nearly $43 billion, supported by an increase in the value of thermal coal and crude oil exports.
The metals and other minerals industries are forecast to contribute nearly $75 billion – an increase of 9 per cent – to Australian exports in 2007-08.
Mineral commodities for which export earnings are forecast to increase significantly in 2007-08 include iron ore, gold and nickel.
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