Queensland has broken another export record, having earned $70 billion over the past 12 months for the first time, according to the Australian Bureau of Statistics.
The value of the state’s exports increased $11.9 billion to be $85.8 billion over the year ending in May 2019, while Australia’s export value increased by $56.5 billion to $366.8 billion over the period.
Coal represented the largest increase in value of Queensland commodity exports, growing by $4 billion, which is expected to rise further in the coming years given the recent approval of Adani’s Carmichael mine in the Galilee Basin.
The commodity was again the state’s largest export earner, bringing in $36.9 billion with an increase of 12 per cent over the previous year.
China remained Queensland’s largest export destination over the year to May 2019 with $28.6 billion, an increase of $6.7 billion from the year to May last year.
Japan was the second biggest export receiver with $12 billion, up $126.9 million over the same period.
Queensland Resources Council chief executive Ian Macfarlane said the results highlighted the importance of the state’s resources sector to the Australian economy.
“With the stable policy settings, the resources sector can continue to grow and in doing so create more jobs and more opportunities for Queenslanders,” he said.
“The performance of resource sector exports highlights the importance of investments in last month’s state budget in developing key export channels for the resources sector.”
Macfarlane pointed toward the half a billion-dollar plan to boost mineral freight exports on the Mount Isa Line and almost $200 million for the channel capacity upgrade for the Port of Townsville expansion.
Queensland Premier Annastacia Palaszczuk said the strong growth of exports in the year to May was largely contributed to by commodities such as LNG and coal.
“Our commodities, from LNG to beef, are delivering valuable export dollars to Queensland and supporting thousands of jobs across the state,” she said.
“Queensland continues to have a strong, diverse and resilient economy which is why our trading partners want to do business here.”