Resources and energy exports in Australia increased by 9% to a record high of A$460 billion in the just-concluded Australian fiscal year. But the export value is predicted to decline over the coming two years as some energy commodity prices has fallen back to the levels before the Russia-Ukraine conflict.
The latest quarterly report released by Australia's government forecast that export revenue of commodities in the country will decrease by 15% to A$390 billion this fiscal year, and further decrease to A$344 billion next fiscal year.
The report estimated a 40% decline in thermal coal exports to A$38 billion this fiscal year, while liquefied natural gas (LNG) exports will fall 27% to A$68 billion.
The recovery of thermal coal exports to China will help offset weak global energy demand, noted the report.
Iron ore, Australia's most lucrative export product, is expected to present a downward export trend due to Chinese deceased demand for steel products. The report predicted an 11% fall in Australian iron ore exports to A$110 billion this fiscal year, and a further decrease to A$93 billion next fiscal year.
(Writing by Riley Liang Editing by Harry Huo)
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