EXPORTS of Australian commodities are expected to increase 10.7% in value to almost $225bn over the 2016-17 financial year, according to forecasts from ABARES and DIIS.
The figures were published in DFAT’s Composition of Trade Australia 2015-16.
The total value of energy and resources exports looks to increase 11.9% over 2016-17 to $175.8bn while agricultural and fisheries exports look to increase 6.6% to $49.1bn.
LNG exports are expected to see the largest increase in value: 41.1% to $23.4bn. Several major gas liquefaction and export projects have been ramping up, and several more are expected to come online in the coming months.
Another expected winner in 2016-17 is to be coal, with the forecast value of metallurgical coal exports for 2016-17 to be $26.4bn, a year-on-year increase of 35.2% (thermal coal is slated to decrease by 3.6% to $14.2bn).
Another big increase is expected in wheat exports. The agencies expect exports of the grain to increase 25.4% over 2016-17 to a value of $6.4bn.
The value of beef and veal exports is expected to decrease 16.8% to $6.9bn over the period, while the next biggest predicted decrease is in the value of nickel exports, which are expected to slip 13.8% to $2.1m.
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