Trade figures released by the Australian Bureau of Statistics show exports from the Queensland resources sector hit a new 12 monthly record of $70 billion to May 2019 for the first time.
The increase in the nominal value of Queensland’s resources exports was driven primarily by coal, LNG, minerals and beef exports.
Premier Annastacia Palaszczuk said the strong growth of exports in the year to May meant that new 12-monthly records had been set for each of the past 14 straight months.
“Our commodities, from LNG to beef, are delivering valuable export dollars to Queensland and supporting thousands of jobs across the state.
Queensland Resources Council Chief Executive Ian Macfarlane said the sector, which employs more than 315,000 men and women across the state, has delivered 81 per cent of Queensland’s record export earnings of $85.8 billion for the 12 months to May this year.
“In dollar terms, exports from the resources sector – coal, minerals and gas – are worth more than $190 million every day,” he said.
Coal continues to be Queensland’s largest export earner at $36.9 billion, with an increase of 12 per cent or $4 billion over the previous 12 months, and there was strong growth for minerals and petroleum and LNG.
- Export prices for Queensland’s two most valuable exports, coal and liquefied natural gas (LNG), have increased markedly over the past few years, driving the total value of Queensland’s goods exports higher.
- The nominal value of LNG exports rose from $10.6 billion in the 12 months to May 2018 to $15.3 billion in May 2019. This is a year-on-year rise of more than $4.7 billion – or a rise in value of 44.1 per cent.
- Exports of hard-coking coal, used primarily in steel-making, reached $29.5 billion in the 12 months to May 2019 – up more than $2.9 billion, or 11 per cent, on the same period a year earlier. Thermal coal export values totalled $7.4 billion – up $1.0 billion over the year.
- Minerals exports increased $1.2 billion over the year to $10.6 billion in the 12 months to May 2019, driven by rises in the value of aluminium, zinc, lead and copper.