The New South Wales Government has released its latest Trade Statement outlining how it will double export revenue by 2031 through numerous growth industries including metals for renewable energy.
Australian Bureau of Statistics (ABS) figures from 2019-20 showed New South Wales exports were led by coal which brought in $16 million for the financial year.
This figure marked a 4.3 per cent five-year annualised growth rate.
At the same time, minerals exports contributed 20-25 per cent of the state’s export value and this is expected to continue growing as its Trade Statement indicates growth in renewable energy moving forward.
New South Wales Minerals Council chief executive officer Stephen Galilee said a range of mined resources would underpin the growth expected of state exports.
“Demand continues to be strong for our high-quality coal, and for gold, copper and a range of other minerals driven by their role in the manufacture of many products, including electronics like laptops, tablets, phones and renewable energy technology,” Galilee said.
“Exploration spending is at record highs, and there’s a strong pipeline of potential new projects across commodities, with the potential to bring billions in investment and thousands of jobs to NSW.”
The Trade Statement outlined four ways to achieve $200 billion in expert revenue by 2030, including increasing exports by small and medium-sized enterprise (SMEs), and facilitating a broader range of goods and services for a wider range of international markets.
Resources and energy, including renewables, was one of the Statement’s 10 priority sectors for export from New South Wales.
“Significantly, plans to expand renewable energy in NSW could allow the mining, mineral processing and manufacturing sectors to increase competitiveness by reducing their carbon footprint and energy costs,” the Statement read.
Exports currently account for 15 per cent of the state’s economy and the Trade Statement predicts this will improve to 18 per cent – $130 billion – by 2024.