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Australia's commodity export earnings forecasted to reach record high
Date: 2010/9/23 Click: 968
Australia's commodity export earnings on Tuesday were forecast to reach a record high 215 billion dollars (203 billion U.S. dollars) in 2010/11, on the back of higher prices for crops, iron ore and coal.

The Australian Bureau of Agricultural and Resource Economics ( ABARE) September quarter report was released on Tuesday, revising upwards the forecast released in June.

Deputy executive director Paul Morris said in a statement that the 2010/11 forecast was a 26 percent increase from 171 billion dollars (162 billion U.S. dollars) in 2009/10.

Earnings from energy and minerals exports are forecast to increase by 30 percent in 2010/11 to around 180 billion dollars (170 billion U.S. dollars), up from 138.5 billion dollars (131 billion U.S. dollars) in 2009/10.

The value of energy exports is forecast to rise by 28 percent to 73.7 billion dollars (70 billion U.S. dollars).

Earnings from metals and other mineral exports are forecast to increase by 31 percent to 106.1 billion dollars (100 billion U.S. dollars).

The value of farm exports is forecast to increase by close to 10 percent in 2010/11, while export earnings from crops are forecast to increase by 14 percent, and livestock by 5.6 percent.

Morris said the forecast increase in agricultural export earnings reflected the improved outlook for crop production in eastern Australia and favourable prices for some commodities including wheat, barley, cotton, beef, sheep meat and dairy products.

Forecast increases in export shipments and higher prices for Australian iron ore and coal are the main reasons for the expected sharp increase in mineral resources exports.
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