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Record Quarter for Australia's Resource Exports

Australia's resource exports had a record quarter with $44 billion worth of exports as per the Australian Bureau of Agricultural and Resource Economics (ABARE).

This is the second highest amount on record after the $47 billion in the final quarter of 2008.

Indeed it is major increase from the last quarter in which exports were recorded at $31.25 billion. The sales of energy and mineral commodity revenues went up 41% compared to the previous quarter. The effort of BHP Billiton to rev up the annual iron ore and coal prices have resulted in huge price increases.

Iron ore revenue rose from $7.8 billion in the March quarter to $12.57 billion as production reached 99.6 million tonnes. An increase of 5% in iron ore production.

Coking coal revenue also went up 70% at $8.48 billion and the $3.26 billion thermal coal exports saw it rising up 25 % as compared to the previous quarter.

Paul Morris the deputy executive director of ABARE said that the higher contract prices for bulk commodities and increases in export of coal, iron ore and crude oil in the June quarter underpinned the increase in export earnings.

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