Facts and Figures

The Australian Bureau of Agricultural Resource Economics (ABARE) recently forecast that Australia will earn $90 billion in commodity exports in the 2001-02 financial year, a 3% rise on 2000-01. Growth in overall commodity demand is likely to moderate in the short term with a sharper than expected slow down in the US economy influencing economic performance elsewhere in the world.

ABARE said that Australia's share of world metallurgical coal exports should continue to rise in 2001, while copper and zinc mine production are also forecast to increase. Stronger international demand and reduced inventories should see Australia's iron and steel exports rise in 2001-02. However, the production and export of gold is expected to fall over the same period.