Business

Minerals drive exports record

THE value of Australia's exports have reached more than $300 billion for the first time in a single year, trade figures released on Wednesday show.

And the huge increase in exports, of $313.3 billion, or 10.2% in 2011, was largely driven by a 24.6% increase in mineral exports.

The Department of Foreign Affairs and Trade released its annual Composition of Trade report on Wednesday.

"The big story in Australia's commodity exports over the last decade was iron ore and coal," the report said.

"These two commodities have been the driving force in the huge growth in Australia's resources exports.

"Iron ore and coal accounted for 58.2% of total resource exports in 2011, with a combined value of $110.9 billion."

The record performance resulted in a trade surplus for 2011 of $18.3 billion, with mineral exports up to $86.7 billion on the back of rising iron ore and copper exports.

Coal exports grew 8.8% to $46.8 billion, with gold up 6.4% to $16 billion and personal travel services up 8.9% to $22.2 billion.

The nation on everyone's lips, China, was again Australia's largest two-way trade partner, at $121 billion followed by Japan at $72.5 billion and the United States at $54.2 billion.

In the past decade, resources exports have tripled from $57.1 billion in 2001 to $190.5 billion in 2011, accounting for 60.8% of Australia's total exports.

Topics:  department of foreign affairs and trade, exports, minerals



Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Tribute from one John to another

IN MEMORY: Australian actor/musician John Waters and esteemed singer/pianist Stewart D’Arrietta will bring Lennon: Through a Glass Onion to Twin Towns Services Club in June.

John Waters pays tribute to Lennon's legacy

Greens promise big boost for Tweed Hospital

Greens candidate Dawn Walker

Greens boost for hospital funding

Remembering Katie’s ‘crazy rollercoaster ride’ life

Six hundred mourners turned out to farewell Katie Bain, who lost her battle with bowel cancer on May 19.

600 hundred mourners farewell 27-year-old

Latest deals and offers

Perfect time to invest in Northern Rivers property

The Northern Rivers rental market is tighter than Sydney making it the perfect time for investors to get better returns out of property than superannuation or banks deposits.

Low interest rates and tight rental market are prime time to invest