Australia's nominal export revenue from resource and energy commodities is now forecast to rise to AU$422 billion in fiscal 2027 from AU$403 billion in fiscal 2026, according to the September Resources and Energy Quarterly published Friday.

The new forecast for fiscal 2027 reflects an upward revision of AU$6 billion from a previous estimate the Department of Industry, Science and Resources made earlier this year.

The report noted, however, that the new forecasts are subject to a high degree of uncertainty as the Middle East conflict continues to have a "serious impact" on trade in energy commodities, and there is no saying when major shipping routes might reopen.

Gold export forecasts have been revised lower after peaking at AU$70 billion in the last financial year, and Australian lithium export earnings are forecast to rise to AU$17 billion in fiscal 2027 from AU$10 billion in the previous year.

"In tough times for global trade, our resources industry is standing strong and continuing to reliably supply our world-class products to the world," said Australian Resources Minister Madeleine King.