Posted on 10 Dec 2008
The figure was also 63 per cent higher than the year-earlier period, the Australian Bureau of Agricultural and Resource Economics reported today.
But Abare's executive director Phillip Glyde said a recent collapse in commodity prices hasn't been captured in the data as the majority of commodity price falls have occurred since mid September.
Commodity prices have fallen sharply from peaks in early July as the global financial crisis adversely affected world economic growth and demand for commodities, Abare said.
"The most significant declines in commodity prices occurred following the collapse of a number of key financial institutions in the
The on-quarter 22 per cent increase reflected the combined effect of higher export prices for bulk commodities and increased export volumes for most major commodities, Abare reported in its quarterly Mineral Statistics publication.
An index of unit returns for total Australian mineral resources exports rose 20 per cent in the third quarter from the second quarter, underpinned by a 28 per cent increase in energy prices and a 6 per cent decline in the value of the Australian dollar, and was up 52 per cent on year.
"Production of around two-thirds of
Abare will update forecasts for minerals production, exports and prices for this fiscal year, with an analysis of key factors affecting the outlook, in a quarterly outlook statement scheduled for issue on Monday.
