Australian resource exports increase in 2021

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PERTH (miningweekly.com) – New data from the Australian Bureau of Statistics (ABS) has shown that Australia’s energy resources and exports in 2021 increased by almost a third on the previous year .

ABS data on international trade in goods and services for December 2021 shows that total exports of resources and energy were A$348.9 billion in the 12 months to December, 29% more than for the previous 12 months ending in December 2020.

Minister of Resources and Water Keith Pitt said the latest monthly figures show Australia’s resource and energy exports continue to rise in record territory.

“It is important to thank the men and women of our resource and energy sector for their excellent work in ensuring that our valuable products meet global demand. These export earnings continue to create and sustain jobs for Australians, especially in the regions.

“It also means that the resulting royalties can continue to fund the infrastructure and services we rely on, such as schools, roads and hospitals.”

Pitt pointed out that coal was again a major contributor with exports totaling A$23.8 billion in the three months to December 2021, some 156% more than for the same period to December 2020 .

“Exports of liquefied natural gas saw a similar increase. The A$18.3 billion earned in the three months to December 2021 was 148% higher than the same period a year earlier.

“Iron ore export revenue fell to A$24.9 billion in the three months to December 2021, down 29% from the prior period as prices fell from record highs. . However, exports amounted to A$154.2 billion in the year to December 2021, up 32% from the previous year.

“Resources remain by far Australia’s largest source of export revenue and continue to underpin the strength of the domestic economy,” Pitt said.

“The outlook for our resources and energy sector continues to be positive as global demand for Australian resources remains strong, particularly for our coal and gas. The most recent forecast estimated that resources and Energy exports are expected to hit a record A$379 billion this financial year and these latest figures suggest the target will be met.

The Minerals Council of Australia (MCA) noted that growing resource revenues helped Australia achieve its largest-ever trade surplus of A$123 billion during the Covid-19 pandemic, at a when it needed economic stimulus the most.

“This record growth demonstrates the importance of the Australian mining industry to our economy,” said MCA’s CEO. Agent Tania.

“The continued demand for resources is driving the 258,000 direct mining jobs, with significant benefits for all of Australia and especially regional communities. Australia is once again proving how its highly skilled and innovative mining workforce is competitively supplying the minerals of the future.

“But we cannot take these excellent business figures for granted. More needs to be done to attract the investment needed for new projects in Australia to meet growing global demand for minerals for everyday life and to drive the energy transition to net zero emissions,” said Constable.

She noted that more than a decade ago, the investment phase of the mining boom underpinned the country’s rebound from the global financial crisis, with over A$370 billion spent in the five years to 2014 on develop new resource projects and build critical infrastructure in regional areas.

“Today we are seeing tremendous benefits from this investment. While Australia has significant endowments of copper, lithium, nickel, gold and rare earth elements, the development of these deposits into the mines of the future is far from guaranteed.

“Globally competitive tax rates, greater workplace flexibility and increased government funding for pre-competitive exploration programs are all critical to the long-term future of mining and to Australia’s economic prosperity. And when the mining industry is strong, all Australians benefit.

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