The Department of Foreign Affairs and Trade recently issued its annual review of Australian trade statistics. It includes this fascinating table showing not only the export value of key commodities but also the government’s forecasts for each over the 2017-18 financial year.
The value of the nation’s top commodity export, iron ore, is forecast to crash by around $8 billion to $64 billion, but that follows a pop of 50% the previous year driven by the surge in iron ore prices on global markets. Agricultural exports, excluding wheat, are forecast for a solid year.
The full table, part of a report which you can access here, also shows the percentage change expected this financial year. LNG exports are forecast to surge more than 50% over 2017-18 as all the capacity being built over recent years converts into production.
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