Australia’s resource exports expected to break record at $252bn in the financial year
The Government of Australia has revealed its forecast for resource exports in the 2018-19 financial year.
The export sector is forecast to reach AU$252bn (US$182bn) during the year, breaking current records.
The figure has been revised by around AU$13.7bn (US$9.79bn) since the Resources and Energy Quarterly report released in June.
The export growth has been attributed to the rise in price of commodities, such as thermal coal and liquefied natural gas (LNG), Reuters reported.
The 2017-18 financial year saw Australia’s resource exports hit AUS$227bn (US$162bn).
The value of resource and energy exports is anticipated to fall to AUS$238bn (US$170bn) by 2019-20.
“While global economic growth, industry production and manufacturing output have continued to grow strongly so far in 2018, there are some concerning signs for resource and energy commodity producers, particularly with rising global trade tensions,” Australia’s Department of Industry stated in a report.
The nation’s Federal Resources Minister, Matt Canavan, also announced that Australia is the world’s number one lithium exporter.
China is responsible for acquiring more than half of the nation’s commodity exports, ahead of Japan and South Korea.
China has recently entered a trade dispute with the US, leading to the introduction of tariffs that have affected the global market.