By Rhiannon Hoyle
Australia's export earnings from natural resources dropped by roughly 10% over the past year and are likely to fall further in the year ahead, in big part because of lower prices for top exports iron ore and coal, officials said Monday.
In a quarterly report, the Australian government estimated export earnings from minerals and energy totaled 417 billion Australian dollars (US$278 billion) in the year through June, down from a record A$466 billion during the 12 months prior.
It forecast export earnings to fall to about A$380 billion in the year through June 2025. In addition to weaker prices for iron ore and coal, earnings are being weighed by a rise in the Australian dollar versus the U.S. dollar, in which most commodities are priced, according to the report.
Australian Resources Minister Madeleine King said the fall reflects a normalization in prices for commodities such as coal that surged after Russia's invasion of Ukraine. The forecast for further declines underscores the need for Australia to expand its production of minerals needed for low-emissions technologies, including copper, aluminum, nickel and lithium, she said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
06-30-24 2151ET
