The value of exports of Australian lithium has boomed in the recent year from AUD 5.2 billion to AUD 18.6 billion, according to figures published by the Office of the Australian Chief Economist.
Global demand for the critical raw mineral is expected to soar in the next few years as the material is used in many advanced products, such as batteries. Australia is one of the world’s key suppliers. Currently, rechargeable batteries use up to 80% of the global demand for lithium and Australia produces 53% of the world’s lithium.
Germany has recently signed agreements with Argentina to improve its supply and we hope that the forthcoming free trade agreement between the European Union and Australia will also encourage trade in raw and processed materials between the trading blocks.