Newcastle's average monthly coal exports are at their lowest level in 10 years as prices for the port's main export continue to tumble.
Port of Newcastle figures show an average of 10.95 million tonnes of coal have been shipped out of the port each month this year, down from 11.35 million tonnes last year and a 10-year peak of 13.77 million in 2019.
Average monthly exports remained above 13 million tonnes every year from 2014 to 2021 but have dropped significantly in the subsequent two years.
Coal exports in the first five months of 2023 totalled 54.74 million tonnes, down 8 per cent on the corresponding period last year and 10.7 per cent on 2021 levels.
The industry has attributed lower export volumes to wet weather, labour shortages and supply chain disruptions rather than falling demand.
The drop in export volumes last year coincided with a price surge which sent Newcastle coal futures to a record $US457.80 a tonne, compared with less than $US50 a tonne in August 2020.
The futures price per tonne has fallen from $US358 in January to a two-year low of $US128 this week.
Newcastle, the world's largest coal exporter, resumed coal shipments to China this year after the Chinese government banned Australian imports in 2020.
China accounted for none of Newcastle's coal exports in the first five months of last year but has received 18 per cent of coal shipments in 2023.
Japan's share of Newcastle coal exports has fallen from 52 per cent last year to 46 per cent.
Taiwan is Newcastle's third largest coal customer on 16 per cent, while South Korea's share has fallen from 12 to 5.5 per cent.
India has taken only 1.2 per cent of Newcastle's coal this year, compared with 5.4 per cent in 2022.
The Newcastle Herald reported in January that Port Waratah Coal Services figures showed its coal exports had dropped 17 per cent from 111.3 million tonnes in 2021 to 91.9 million tonnes last year.
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