The MCA’s ‘New Frontiers’ research project released today has found that Australia’s mining export success story in the Asian region has a long way to run.
As Asia’s economies grow, they will increase investment in infrastructure and resources-intensive production activities, creating additional demand for Australian resources.
Drawing together the many insights and experiences of Australia’s mining and METS companies operating in the Association of Southeast Asian Nations (ASEAN), the report highlights Australia’s vital interest in keeping international trade open and growing, and the role of the Australian government in leading by example.
ASEAN imports of minerals and basic metals are growing rapidly. Over five years to 2018 its top 10 mining and basic metal manufactures imports have doubled from $50 billion to $100 billion.
ASEAN is a big market for gold, coal, copper, semi-finished products of iron and steel and aluminium as countries like Indonesia, Vietnam and Thailand experience rising incomes and continue to industrialise and this presents a massive opportunity for our mining industry.
Australia’s world leading mining and mining services sectors will play a critical role in the continuing growth of these emerging economies, supporting their growth and contributing to deeper economic, social and cultural ties to the benefit of everyone in our region.
As these economies develop their own mining sectors, there will also be greater opportunities for METS exports and outward Australian mining investment.
However, realising these opportunities will require tackling a raft of trade barriers and other policy impediments.
The report provides Australian mining and METS businesses and government policymakers with useful information on future market opportunities.
This is the fourth report in the MCA’s ‘New Frontiers’ research project which examines trade barriers and other impediments to boosting Australian mining and METS exports to South and East Asia.
Mining is already Australia’s biggest export industry and Asia is our most important export market.
In 2019-20, the resources sector earned $283 billion of export revenue (60 per cent of Australia’s total export revenue) and mining was Australia’s largest industry with a 10.4 per cent share of the economy.