Resources exports have delivered a new record full-year trade surplus of AUS$49.9 billion – confirming the importance of the mining industry and the production phase of the mining boom to the Australian economy.
Australia’s resources exports have doubled over the last ten years, with AUS$250 billion of investment in the mining industry delivering substantial growth in minerals production and jobs in that period.
The record export revenue has been driven by record years for several commodities including iron ore (AUS$77 billion), coal (AUS$69 billion), aluminium (AUS$15.6 billion) and copper (AUS$9.9 billion).
Iron ore was again Australia’s single largest source of export revenue for the year and also set a new record for a single month of exports in June (AUS$9.5 billion).
These record exports enabled Australia’s resources sector to account for 58% of Australia’s total export revenue in 2018/19.
This record revenue will sustain Australia’s economic growth and continue to deliver the funding for teachers, nurses, police and other services on which Australians rely on while funding new infrastructure projects to keep Australia moving.
A strong minerals industry creates a stronger Australia.
Read the article online at: https://www.globalminingreview.com/mining/07082019/australian-mineral-exports-boom/