Australian commodity export earnings are forecast to reach a record 271 billion U.S. dollars in 2011/12, an 18 percent increase on the previous financial year, the federal government's commodity forecaster said on Tuesday.
The Australian commodities-June quarter 2011 report, released by Australian Bureau of Agricultural and Reserve Economics and Sciences (ABARES) on Tuesday, estimated earnings from energy and minerals exports to increase by 20 percent in 2011/12 to around 230 billion U.S. dollars, following an estimated 31 percent rise to 193 billion U.S. dollars in 2010/11.
The value of energy exports is forecast to rise by 25 percent to 94 billion U.S. dollars in 2011/12, while earnings from metals and other minerals exports are forecast to rise by 17 percent to around 137 billion U.S. dollars.
According to ABARES acting Deputy Executive Director Kim Ritman, forecast increases in export prices and shipments for Australia iron ore and metallurgical coal are the main reasons for the expected increase in mineral resources exports.
He said strong export performance is also expected for other commodities including thermal coal, gold and alumina.
Dr Ritman said the volume of mine production is forecast to rise 10 percent in 2011/12, having increased by an estimated two percent in 2010/11.
Meanwhile, the value of farm exports is forecast to increase by close to seven percent in 2011/12 to 36 billion U.S. dollars, following an estimated 12 percent rise to 33.9 billion U.S. dollars in 2010/11.
"This forecast increase mainly reflects expected higher farm production and a favorable outlook for agricultural prices on world markets," Dr Ritman said in a statement on Tuesday.
Agricultural commodities which export earnings are expected to rise in 2011/12 include wheat, oilseeds, rice, raw cotton, wine, wool, and sheep meat.
These increases are expected to more than offset lower earnings from barley, sugar, beef and veal, grain, sorghum and some dairy products.
Australia's financial year is counted from July 1 to June 30 of the following year./.