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Commodities market to shrink 20% this year

Commodities market to shrink 20% this year

Australia’s commodities market is expected to shrink by 20% to $158 billion in 2009-10, according to the government’s main commodities forecaster.

The Australian Bureau of Agricultural and Resource Economics (ABARE) said the slump follows a 32% increase during 2008-09.

Energy and mineral export earnings are forecast to fall 23% to $123 billion, despite a 4.6% increase in overall production.

And a strong Australian dollar will push the value of the farm export market down 2.5% to $31.1 billion, even while winter crop production improves, the Bureau said.

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Tags financial crisisCommoditieseconomy

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