Iron Ore Becomes Australia’s $100Bn Export Industry

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.

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