Coal has just been forecast to overtake iron ore in a government-led analysis, predicting it to become Australia’s largest export for 2018-19.
The Minerals Council of Australia has just released news that coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19, with iron ore exports forecast to earn $57.7 billion in the same period. The news comes from the latest commodity forecast via the Department of Industry’s Office of the Chief Economist.
The ‘Resources and Energy Quarterly’ released in June showed coal would earn roughly $60.2 billion in 2017-18, reaching its highest-ever annual level, with 182 million tonnes (Mt) or $37.5 billion worth of metallurgical (steelmaking) coal and 200.5 Mt or $22.7 billion of thermal (energy) coal.
Historically, coal has been Australia’s biggest export earner, and the latest figures and forecasts confirm an ongoing resurgence and significant contribution to the Australian economy.
Forming the largest export industry in both New South Wales and Queensland, Australia’s coal is mostly sold to established north Asian markets and the rapidly-growing economies of Southeast Asia and India. Last month’s release of expert analysis by Commodity Insights for the Mining Council of Australia and the COAL21 Fund displays a strong demand for thermal coal across Asia, which is predicted to expand by up to 400 million tonnes more than current levels by 2030.