Australia’s Lithium Export Earnings to Exceed $16 Billion in 2022-23

Must Read

The value of Australia’s sixth-largest resource and energy commodity export, lithium, is anticipated to reach $16 billion in 2022–2023 (up from $5 billion in 2021–2022).

According to the Resources and Energy Quarterly (REQ) report for December 2022 from the Department of Industry, Science, and Resources, Australia’s resource and energy export revenues are anticipated to “reach $459 billion in 2022–2023 due to high global energy prices and a weaker Australian currency, notwithstanding a dramatic slowdown in global economic development throughout 2022.”

The report also claims that the “progression of the COVID pandemic in China and Beijing’s response will likely have a big impact on global oil demand.”

As energy commodity prices decline amid lessening supply disruptions and a weaker global economy, export revenues are predicted to drop to $391 billion in 2023–2024.

Despite a reduction, energy commodity prices are still higher than before the war since markets are already accounting for Russia’s impending decline in gas, coal, and oil exports, one of the biggest energy exporters in the world.

Meanwhile, LNG spot prices are expected to remain high and unpredictable over the outlook period as the world’s gas markets struggle to realign themselves in the wake of the reduction in Russian pipeline gas supplies to Europe. 

Recent pressure on oil prices has come from a worsening outlook for the world, recurrent COVID-19 lockdowns in China, and a higher US dollar. 

As European countries try to increase or maintain stocks before the peak Northern Hemisphere winter, Australia’s high-quality thermal coal prices remain insanely high. Throughout the outlook period, costs are anticipated to decline as supply recovers and trade patterns reorganize.

Iron ore prices are also anticipated to decline even further over the forecast period due to a rise in global supply that is outpacing demand. 

The continuous growth of Australia’s resource and energy export revenues reinforces its position as a leader in mineral resource and energy commodity exports.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img