Export value of lithium in Australia FY 2023-2029

In the financial year 2023, around 20.19 billion Australian dollars’ worth of lithium were exported from Australia. Forecasts show Australia will export 10.43 billion Australian dollars' worth of lithium in fiscal year 2029. 

How is lithium used?

Lithium is predominantly used as a component of rechargeable batteries for electronic devices such as mobiles, laptops, and cameras, as well as for electric vehicles. Before being used in batteries, it is mined in the form of lithium ore. Australia has a dominant global position in lithium mining. While the country produces significant quantities of lithium, this is expected to decline over the next few years.

The future of lithium

Lithium consumption has continued to rise across the globe, as manufactures continue to adapt to the growing demands from consumers. With lithium-ion batteries used across many different applications and technology continuing to advance, the cost of lithium-ion batteries will likely decrease over time. A challenge faced by lithium battery manufacturers is efficiently recycling them. This may prove to be a lucrative market in the future with the size of the global market for lithium-ion battery recycling poised to increase significantly in the next decade.