Iron ore exports break $100bn barrier

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Image credit: industry.gov.au

The latest trade figures released by the Australian Bureau of Statistics (ABS) revealed that Iron ore has become the first Australian commodity to break the $100 billion annual export mark.

The new ABS report showed that iron ore exports in the 2019-20 financial year reached $101.7 billion, smashing the previous annual export benchmark of $77.5 billion, also set by iron ore in the previous financial year.

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Minister for Resources, Water and Northern Australia Keith Pitt said he was happy with the achievement but warned that the industry ‘is not immune’ to economic downturn caused by COVID-19.

“Iron ore exports in the 2019-20 financial year reached $101.7 billion, which is a great achievement at a time when our economy needs all the support it can get,” Minister Pitt said.

“The slowdown in industrial activity around the world is having an impact on coal and gas demand, however they still managed to generate over $7 billion in exports in June alone.

“Demand for both will return as we emerge from this pandemic and while some are using the downturn to make exaggerated claims about the future of some resources, the International Energy Agency confirms coal will remain a key player in energy generation for at least the next two decades.”

He said the resources sector had to overcome a number of challenges to remain operating through the pandemic and ensure the safety of its workers and the communities where they operate.

“I thank all those resources workers who have adapted to the changing working environment and pull on their boots and put on their hard hats each day to keep the industry going to support our national economy at a time when it needs most needs them,” Minister Pitt concluded.

Image credit: industry.gov.au
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