Final trade data for the 2019-2020 financial year has reconfirmed that Australia’s resources sector is bolstering the economy.
The Australian Bureau of Statistics (ABS) shows commodity exports reached $287b in 2019-2020, of which iron ore was worth $102b.
Resource and energy commodity exports have grown 3.5% since 2018-2019.
Gold is also forecast to become the third largest commodity export after iron ore and liquefied natural gas (LNG) in 2020-2021.
Gold exports was $24b in 2019-2020 and forecast to reach $32b in 2020-2021.
Federal Resources, Water and Northern Australian Minister Keith Pitt said the resources sector will support jobs and growth as the country emerges from the COVID-19 pandemic.
“Australia’s success in becoming a top supplier of iron ore and gold has provided a crucial buffer to our economy, with record earnings helping Australia to face the global headwinds from the COVID-19 outbreak,” Mr Pitt said.
“It’s a great testament to our strong environmental and safety standards and the work of resources companies that have allowed us to avoid some of the problems experienced elsewhere in the world.
“I also thank all workers in the sector who have contributed to ensuring that Australia remains a reliable supplier with a supportive investment environment.
“Australia’s commodity industry continues to provide the materials needed to lift millions in our region out of poverty, while providing crucial jobs and income to Australia’s regions.”
Australia is forecast to become the world’s largest gold producer in 2020-2021.
