The Australian Bureau of Agricultural and Resources Economics forecasted that commodity exports this fiscal year will record A$158 billion ($137 billion) in the year ending June 30 compared with previous forecasts of A$160 billion, worth mentioning that Australia is the largest exporter of iron ore and coal in the world.

The bureau said that economic activity in China and other Asian economies is improving which is expected to be stronger in the next few quarters, so demand may pick up. It added that the world economy is improving along with advancing world trade and industrial production.