AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

LAUNCESTON, (Australia): Australia expects a boost to its commodity export earnings caused by Russia’s invasion of Ukraine to last into 2024, upping its forecasts for both the current and following year.

The Australian government’s commodity forecaster said in its latest quarterly report released on Tuesday that export earnings would rise to a record A$450 billion ($293 billion) in the 2022-23 fiscal year that started on July 1.

This was up from A$419 billion in its previous report and will eclipse the prior record of A$421.6 billion in the year just ended on June 30, which was itself up 37% on the export revenue from the 2020-21 fiscal year.

For 2023-24, export earnings were pegged at A$375.5 billion, up from A$338 billion in the previous report. Australia is the world’s largest exporter of iron ore, coking coal, liquefied natural gas (LNG) and lithium, while it ranks second in thermal coal and third in gold and in copper ores and concentrates.

The forecast for fresh record export earnings in the current year was, however, tempered with an assessment that downside risks have risen since the last quarterly outlook in July.

“Downside risks are substantial,” the Office of the Chief Economist at the Department of Industry, Science and Resources said in the report. These include inflation proving harder to reduce than expected, tighter global financial conditions inducing debt distress in emerging market and developing economies, renewed Covid-19 outbreaks and lingering problems in the Chinese property sector, the report stated. Some risks could also provide upside for Australia’s exports, such as Russia cutting off gas exports to Europe.

The report noted that some of Russia’s exports of crude oil, coal and natural gas becoming stranded as European sanctions in imports start to take full effect from December this year. It’s likely that not all of Russia’s commodity exports can be re-routed to other buyers such as China and India, thereby reducing overall global supply and keeping prices elevated.

Comments

Comments are closed.

Australia sees longer commodity boost from Russia’s Ukraine war

PTI to quit Punjab, KP assemblies this month: Imran Khan

US condemns attack on Pakistani embassy in Kabul, calls for probe

Moonis’ claims on Gen Bajwa raises doubts on institution’s apolitical narrative: Sanaullah

Dutch masters into World Cup quarter-finals as USA downed

OPEC+ will keep oil policy unchanged in review talks: sources

PTI quitting provincial assemblies will be humiliating for its voters: Saad Rafiq

Russia: price cap is ‘dangerous’ and will not curb demand for our oil

Pakistan calls on interim Afghan govt to up security at Kabul embassy after attack

US unveils high-tech B-21 stealth bomber

England in charge in Rawalpindi despite Babar hundred