Australian Economy Booming Thanks to Mining

Large increases in the volumes of minerals being shipped out of Australian ports will see commodity exports rise to unprecedented levels.

The rise in iron ore and coal exports to Asian nations has led the government’s chief commodities forecaster to lift the exports forecast based on a quarterly review of the commodity market.

Even the Australian Bureau of Agricultural and Resource Economics said in its last report that the country is recovering from the downturn faced last year in the global financial crisis.

Commodity exports will probably surge to 26% compared to last year at a record AUD$214.93 billion in the financial year beginning July 1 as per the Australian Bureau of Agricultural and Resource Economics (ABARE).

ABARE expects steel making coal exports to be 25% higher than figures of 2008 and thermal coal to be 13% higher. This is because the major advanced economies in Europe, North America and Asia have increased their steel making activities by 20%. Emerging economies of China and India will also be the key drivers of the exports.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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