Asia boom to boost Australian exports | The Daily Star
12:00 AM, June 23, 2010 / LAST MODIFIED: 12:00 AM, June 23, 2010

Asia boom to boost Australian exports

Powerful growth in Asia will drive Australian exports above 200 billion dollars ($177 billion) in 2010-11, as new contracts bring in higher prices for coal and iron ore, officials said Tuesday.
The Australian Bureau of Agricultural and Resource Economics (ABARE) said economic growth in Asia was assumed to be largely unaffected by the debt crisis in Europe.
Growth in Asia, excluding Japan and South Korea, would average 8.4 percent in 2010 and 8.0 percent in 2011, boosting demand for resources, it said.
Australian mine production, key to its economic prosperity, would jump in 2010-11, lifting energy and minerals export earnings to 169.8 billion dollars, an increase of 28.5 percent from 2009-10, the official forecaster said.
"The forecast increase in earnings from energy and minerals exports in 2010-11 mainly reflects the significant increases in recently negotiated contract prices for coal and iron ore, and the forecast higher export shipments," said Paul Morris, deputy executive director of ABARE.

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