Iron ore becomes Australia’s $100bn export industry

By Salomae Haselgrove| Australian Mining

Iron ore is the first Australian commodity to crack $100 billion in annual export value, according to the Australian Government’s latest Resources Energy Quarterly report.

Australian exports for the metal reached $101.7 billion in the 2019-20 financial year, smashing the previous annual export benchmark of $77.5 billion, which was also set by iron ore in the 2018-19 financial year.

The Resources Energy Quarterly specified that while iron ore is normally vulnerable during downturns, like the current global downturn brought about by the COVID-19 pandemic, it has been resilient in recent months.

The demand for Australian iron ore has been driven by China’s infrastructure boom, as well as a weaker Australian dollar, providing the Australian market with a lifeline during tough times…Full Story