Tasmania the fastest growing economy

Tasmanian

Tasmania has clocked a third consecutive month maintaining 12-month export figures above $4 billion, underpinned by mined materials and metal scraps.

The October export stats showed a 64.6 per cent jump in metallic ores and metal scraps, while non-ferrous metals increased by 31.1 per cent compared to the previous year.

Tasmanian exports for the 12 months to October were valued at $4.23 billion, making Trade Minister Guy Barnett see the state as a bolter of the national economy.

“The mining and minerals sector employs more than 5000 people, mostly in regional communities, and is a significant driver of the strong Tasmanian economy,” Barnett said.

“These strong results follow data released showing that Tasmania has the fastest growing economy in the nation, with State Final Demand growing 4.2 per cent in the September 2021 quarter.”

October’s figure was 18.6 per cent higher than the same time last year.

Recipients of Tasmanian exports were led by China and South Korea who received $1.63 billion and $427 million, respectively.

Exports to these nations were both underpinned by metallic ores and metal scraps, with China and Hong Kong combining for 74 per cent of these products in October.

Barnett credited the state government for its work uplifting the mining sector and the state economy.

“The Tasmanian Government continues to back the mining sector with a range of programs, like our Exploration Drilling Grant Initiative (EDGI) and Geoscience Initiative, to help unlock the full economic value of mining,” he said.

“Our Tasmanian Trade Strategy also sets a target to grow the value of Tasmania’s export trade to $15 billion by 2050 by building the resilience, agility and perseverance of Tasmanian exporters.”

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