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Australia Export Statistics 2023 — 18 Key Figures
Australia is known as the largest exporter of iron ore and coal in the world. Therefore, it is significant for many professionals in the field of the supply chain to know Australia’s export statistics.
In this article, we will show you the figures regarding Australia’s export statistics. Additionally, we will check some of the factors that will affect its export.
Once you finish reading this article, you will know the situation of Australia’s export statistics which you may use to see some opportunities for your company or profession.
Geopolitics as a Defining Factorin Australia’s Trade in The Future
Many governments turn to trade barriers for national security reasons during periods of political unrest and economic disruptions. Some recent examples are the US-China trade war, the Russia-Ukraine war, and the COVID-19 pandemic.
The protective measures may threaten the integrity of the open trading system that Australia heavily relies on. They may close off markets for Australian exports, disrupt the supply chain for essential goods, and raise the cost of Australian imports.
Therefore, managing geopolitical risks effectively will be needed for trade to be successful in the coming years.
Effect of The Ukraine Invasionon Australia’s Export
The export share of Australia to both Russia and Ukraine is small. However, Australian exporters may benefit from the rising energy, metals, and grains prices as Russian and Ukrainian supplies exit the market.
Therefore, Australia’s substantial exports of all these commodities suggest further upside to the AUD in the near term. Any gains may be tempered by investors’ risk aversion and higher US interest rates. Although Australian imports could all rise in price which may offset some of the gains for Australian exporters.
Additionally, non-resource exports may continue to suffer from higher transportation costs, supply chain disruptions, and any impact of weaker global demand and higher prices on household spending and incomes.
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Trade DisruptionsFrom China
Australian exports have been successful at finding new markets to offset lower Chinese sales. The exports of copper ore, liquefied natural gas (LNG), and coal to non-Chinese markets have increased by more than the relative decline to China.
This highlights the resiliency of Australia’s export to adapt to sudden shifts in market access. Additionally, it underscores the competitiveness and high-quality nature of Australian products that support global demand.
The strong farming conditions have helped improve the agricultural exports of Australia and higher commodity prices made the export value higher,
However, the ongoing market diversification and expansion will be crucial in reducing the exporter’s vulnerability to sudden shifts in the global economic and geopolitical landscape.
Now that we know the factors that are affecting Australia’s export today, let’s delve into Australia’s export statistics in 2023.
Australia Export statistical FiguresThat You Should Know
1. In January, total trade in goods and services (exports plus imports) between the UK and Australia was £14.1 billion.
2. According to the quarterly December report of the Office of the Chief Economist (OCE), revenues from mineral and energy exports in the 2022-2023 financial year will amount to 459 billion Australian dollars ($307.9 billion).
3. Iron ore export earnings in 2022-2023 have been revised downwards to A$113 billion ($75.8 billion).
4. The forecast for the 2023-2024 financial year was practically unchanged, remaining at A$95 billion ($63.7 billion).
5. The forecast of revenues from the export of thermal coal for 2022-2023 and 2023-2024 was revised towards a significant increase – to 76 and 55 billion Australian dollars ($51 billion and $36.9 billion, respectively).
6. Australia’s LNG exports are set to decline in 2023 for the first time in a decade due to a combination of declining gas production and an ongoing reorientation of natural gas supply to the domestic market in order to meet strong domestic demand.
7. The Resources and Energy Quarterly publication for the December quarter, published by the Department of Industry, Science and Resources, forecasts that Australian resources and energy exports will earn a record $459 billion in 2022–23, before easing to $391 billion in 2023–24.
8. Revenue for the Alumina Production industry is expected to decline at an annualized 3.3% over the five years through 2022-23, to $8.2 billion.
9. The publication forecasts combined export earnings for resources critical to low-emissions energy technologies, such as copper, nickel, and lithium will reach almost $33 billion in 2022–23 compared with $22 billion in 2021–22.
10. The Resources and Energy Quarterly forecasts lithium export earnings to increase more than ten-fold in two years, from $1.1 billion in 2020–21 to $16 billion in 2022–23 and $17 billion in 2023–24, making lithium Australia’s sixth largest resources and energy export commodity.
11. The Department says Australia’s export volumes are estimated to rise from 157,000 tonnes in 2021–2022 to 188,000 tonnes in 2023–2024, supported by the need for Australian nickel for the transition to low-emissions technologies.
12. Thermal coal export receipt projections for 2022–23 and 2023–24 have been revised up by $9.12 billion and $11.93 billion to $53.32 billion and $38.59 billion respectively.
13. Iron ore export receipts in 2022–23 have been revised down by $3.51 billion to $79.28 billion but are virtually unchanged at $66.65 billion in 2023–24.
14. The risks to the forecast for Australia’s export receipts in 2022–23 and 2023–24 are fairly evenly skewed, the OCE said.
15. Markets have priced in weaker world economic growth and the loss of some Russian resource and energy commodity output from global supplies in 2023.
16. According to Export Finance Australia, global growth to slow further with inflation moderating gradually.
17. Economic prospects are highly uncertain and likely to disappoint.
18. According to Export Finance Australia, clean energy transition boosts resources, as services recovery accelerates.
Frequentlyasked questions
+What are Australia’s export statistics?
The export statistics of Australia lets you show the performance of its exports throughout the years.
+ What is the status of the relationship between Australia and China?
The two countries have been involved in a trade dispute since 2020. However, Australia aims for a stable relationship with China despite their differences, especially in trade.
+ What is the top export of Australia?
The top exports of Australia were metalliferous ores and metal scraps in July 2022.
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