Metals and minerals have always played an important role in shaping the future of the world economy. As per the Australian government report, the Australian minerals sector contributes to approximately 13.7% of GDP.
Despite a slowing world economy, resource and energy exports of $464 billion in 2022–23 are set to easily break the previous
year’s record of $422 billion.
However,exports are forecast to fall to $378 billion (real terms) in 2023–24 as commodityprices settle back at levels seen before the recent spikes. As prices gradually start to level out in 2025–26, so too will the decline in resource energy earnings.
Note – *Source: ABS(2023) International Trade in Good and Services, Department of Industry, Science and Resources (2023)*
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