Recent trade figures for the 12 months to November 2018 placed Queensland’s goods exports at a record $80.5 billion, 12.4 per cent higher than the $71.6 billion total recorded in 2016-17.
The state’s November export figure also rose from the $79.2 billion recorded in the 12 months to October 2018.
In their report, the Queensland Treasury outlined that these significant increases in Queensland’s merchandise exports value were largely driven by coal, liquified natural gas (LNG) and other mineral exports.
Acting Premier and Minister for Trade Cameron Dick said the strong growth of exports in November was excellent news to kick off the new year.
“Queensland continues to export more goods than New South Wales and Victoria combined,” the Minister said.
Prices for Queensland’s two most valuable exports, coal and LNG also saw notable increases over the past two years, further driving up the value of the state’s exports.
- Coal exports rose $4.0 billion in the 12 months to November 2018, to $43.0 billion.
- LNG exports increased by $3.7 billion in the 12 months to November 2018, to $13.1 billion (driven by price increases).
- Minerals exports increased $1.6 million in the 12 months to November 2018, to $10.4 billion (driven by export value increases for minerals such as zinc and lead).
China remained Queensland’s largest export destination in the year ending November 2018 at $25.6 billion, a $5.7 billion increase over the year ending November 2017.
Lastly, the Minister commented that since the State Government was elected in January 2015, exports has increased by 81.3 per cent.
“Trade equals jobs and the Queensland Government is working hard to build and strengthen Queensland’s trade relationships,” he said.
The Queensland Treasury’s full report can be found here.