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Saturday, November 2, 2024

Home Business Australian resources export forecast to fall from record high

Australian resources export forecast to fall from record high

by News desk
July 4, 2023
in Business

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Australia’s resources export boom has peaked, according to government projections released on Monday.

The Department of Industry, Science and Resources published its latest quarterly report on the resources and energy industry, estimating exports climbed to a record 459 billion Australian dollars (305.6 billion U.S. dollars) in the 2022-23 financial year.

It attributed the surge to the global energy prices amid high demand for fossil fuels.

However, it forecast that export earnings would fall to 394 billion Australian dollars (262.5 billion dollars) in 2023-24, as commodity prices decline.—APP