Commodity exports from Australia, the largest shipper of coal, iron ore and wool, may gain 14 percent to a record next financial year, driven by rising prices, according to the federal government’s forecaster.
Australia, the largest shipper of coal, iron ore and wool, cut its forecast for commodity exports this fiscal year on poor crop weather and a reduction in forecast growth of gold, iron ore and coking coal shipments.
Cotton production in Australia, the fourth-largest shipper, may reach a record next year after rains filled dams, while sugar output may gain even after cyclone and flood damage, according to the government’s commodity forecaster.
Wheat production in Australia, the fourth-largest shipper, may total 26.2 million metric tons in 2011-2012, 7.8 percent more than forecast and in line with last year’s harvest as favorable weather aids the crop.
The value of minerals and energy projects being developed in Australia rose 21 percent in the past six months to a record, boosted by liquefied natural gas and iron ore investments, the nation’s commodity forecaster said.
Australia, the second-biggest wheat exporter last season, raised its production forecast after farmers completed a harvest that’s helping ease global supply woes amid concerns drought will erode the U.S. crop.
Wheat exports from Australia, the second-biggest supplier last year, will probably decline 5 percent in the year starting July 1 even as the crop increases because of higher plantings, a government forecaster said.