Australia's mining and energy export value is expected to rise 3% to a record high of A$419 million ($286 million) in the year to June 2023, mainly thanks to surged coal prices and natural gas prices following the Ukraine-Russia conflict, the government said on July 4.
"The outlook is for the prices of energy commodities to remain strong for longer than previously forecast, as Western nations look for alternatives to Russian energy supplies," the Department of Industry said in its resources and energy quarterly report.
The value of liquefied natural gas exports is exported to surge 19% to A$84 billion during the period, even though total volumes will decline 3%.
Thermal coal export value is forecast to increase 15% to A$44 billion due to higher global coal prices and possible rises in export volume, as the Australian coal is considered as an alternative to Russian coal.
The metallurgical coal for steelmaking is forecast to climb 3% to A$60 billion.
(Writing by Rebecca Liu Editing by Tammy Yang)
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