According to projections released by the Department of Industry, Science, Energy and Resources on Monday, export earnings will hit a record-high of 296 billion Australian dollars (226 billion U.S. dollars) in the financial year 2020/21 on account of high international demand for iron ore, lithium, nickel and copper.
The department projects that the value of iron ore exports will grow to a record high of 136 billion Australian dollars (103.8 billion U.S. dollars) - up from the 123 billion Australian dollars (93.9 billion U.S. dollars) forecast in December.
However, it noted that any delay in the global rollout of coronavirus vaccines could affect the predicted recovery in trade from the pandemic.
"The increasing demand for Australian commodities has allowed export earnings to overcome challenging conditions for the benefit of the Australian economy and Australian jobs," Minister for Resources, Water and Northern Australia Keith Pitt said in a press release.
"The rollout of COVID-19 vaccines presents an opportunity to bring the pandemic under control and boost global economic activity and further demand for Australian commodities."
The data projected that exports would contract by 3 percent to 288 billion Australian dollars (219.9 billion U.S. dollars) in 2021/22 and would remain stable through to 2025/26.
Metallurgical coal exports are expected to rise from a 2021/21 low of 173 million tonnes to 191 million tonnes - or 31 billion Australian dollars (23.6 billion U.S. dollars) - by 2025/26.
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