AN increase in resource projects transitioning to the production phase will see commodity export earnings rise 17% to $205 billion in 2013-14, according to a federal government forecast released today.

In its quarterly analysis if Australia’s key commodity markets, the Bureau of Resources and Energy Economics (BREE) estimates iron ore to drive at 22% growth in mineral export earnings to $130.2 billion.

Export earnings from energy commodities are forecast to increase 9.1% to total $75.3 billion, underpinned by higher earnings for LNG and metallurgical coal.

“As Australia begins the transition from the investment phase to the production phase of the mining boom, export volumes will increase,” says BREE Executive director Bruce Wilson.

“Australian export earnings from resources and energy commodities will be supported by higher export volumes and an assumed lower Australian dollar exchange rate.”

In November, BREE confirmed 18 major resource projects worth a combined $30.3 billion had completed construction, marking the highest value of recorded project completions in a six month period and the dawn of a new production phase.

Despite a historically high Australian dollar throughout 2013, BREE expects real GDP growth to rebound in the remainder of 2013-14 to total 2.7% for the financial year as the dollar continues a modest depreciation against US currency.

Further details on Australia’s commodity markets can be found in BREE’s Resources and Energy Quarterly, December 2013 report.