The resource industry could be on the brink of a new upturn according to new research.
The latest Australian Bureau of Statistics data shows exports of minerals, fuels and lubricants rose 41.6 per cent in the three months ending on December 2016.
The figure is a stark contrast to the 29.3 per cent increase recorded in the same period one year earlier, raising speculation the exploration sector could be on the verge of a new mining boom.
The following jumps were recorded in December 2016:
- coking coal (up 46 per cent or $798 million)
- iron ore (up 27 per cent or $1 billion)
- gold (up 23 per cent or $1.7 billion)
In comparison, Australia recorded a $4.3 billion deficit in December 2015.
HSBC Bank Australia reveals the nation’s mining industry is well-positioned to export to less developed countries.
“Australia is in a unique position as a developed market situated in an emerging markets region. Emerging markets are re-shaping trade routes and creating powerful networks for developed markets like Australia. The ongoing evolution of these corridors will become vital to the health of international trade and provide much welcome trade diversity for Australian business,” HSBC Bank Australia head of commercial banking James Hogan says.
“However, Australia and Australian businesses cannot rely on proximity, but instead need to integrate further with Asia particularly through the development of our Asia-relevant capabilities.”