Subscribe to RSS feedEarnings flat despite record iron ore, coal exports
by
samc
—
last modified
Mar 16, 2010 03:46 PM
Australia exported record volumes of iron ore and coal in the last three months of 2009 on the back of robust demand from Japan, South Korea and China.
The figures, released yesterday by the Australian Bureau of Agricultural and Resources Economics, show 98m tonnes of iron ore and more than 74m tonnes of coal were shipped from Australia in the December quarter.
However, a 9% rise in the value of the Australian dollar contributed to earnings growth from all energy and resource exports of just 1% to $31bn.
Earnings from metallurgical coal (down 7% to $5.3bn), thermal coal (down 9% to $2.9bn) and iron ore (down 5% to $6.8bn) reflected lower prices and the strong Australian dollar.
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