Australian resources exports estimated to hit record high

CANBERRA, July 4 (Xinhua) -- The value of Australia's resources exports has been estimated to hit a record high despite floods and COVID-19 interrupting the industry.

The federal Department of Industry, Science and Resources on Monday released Resources and Energy Quarterly (REQ) data for June 2022.

It revealed that Australia's resources and energy export earnings are estimated to reach a record 405 billion Australian dollars (277.6 billion U.S. dollars) in the financial year 2021-22, up from about 320 billion Australian dollars (219.3 billion U.S. dollars) in 2020-21.

The 2021-22 earnings were lower than the 425 billion Australian dollars (291.3 billion U.S. dollars) projected in the March REQ -- a drop that was attributed to flooding along much of Australia's east coast and disruptions caused by the COVID-19 pandemic.

Minister for Resources Madeleine King said the data proved Australia was a stable source of resources and energy.

King also said strong global demand for Australia's energy, coupled with flooding and weather events at home, contributed to the recent surge in domestic gas and coal prices.

Iron ore exports are estimated to be worth 133 billion Australian dollars (91.2 billion U.S. dollars) in 2021-22 -- almost a third of the total earnings -- while liquefied natural gas (LNG) earnings are estimated to be doubled to 70 billion Australian dollars (47.9 billion U.S. dollars), according to the REQ.

The value of lithium exports is projected to double by 2023-24 amid high demand from the electric vehicle (EV) and battery industries.