Natural Gas Exports from Queensland and WA Continue Australia’s Trade Surplus Run
The Chamber of Commerce and Industry Queensland (CCIQ) has welcomed the latest Australian Bureau of Statistics trade data for April showing a commodity driven surplus of $977 million and representing the fourth consecutive surplus this year.
CCIQ analysis showed while iron ore and coal exports remain elevated, the natural gas exports data is reflective of projects that have moved into full production in both Queensland and Western Australia.
CCIQ Head of Industry and Media, Dan Petrie said while the national trade numbers were positive Queensland’s performance was mixed.
“Chinese ports received almost $2 billion worth of merchandise goods from Queensland whilst the value of exports to Japan fell below $1 billion to $825 million.
Mr Petrie said China as an export destination accounted for $19.8 billion of merchandise goods in 2017 compared to Japan’s $11 billion over the same period.
“The value of exports to China have had an annual compound growth rate of 21% since 2001 and surpassed Japan as the top importer of Queensland goods in 2012 on annualised basis.
“While commodity exports provide attractive headlines, it is important to remember the state’s small to medium enterprise sector continues to outperform in health, food and agricultural exports,” Mr Petrie said.
Exports from Queensland totalled $5.6 billion in April, and coupled with the state’s burgeoning expertise in high-end manufacturing, will push the value of exports towards $6 billion per month according to CCIQ.
“This state is an export powerhouse and when Queensland is firing the rest of the economy follows,” Mr Petrie said.
CCIQ maintains its position that Queensland’s future prosperity is tied to the innovation and trade story that continues to underpin the state’s long term economic prosperity.
CCIQ has again reiterated that next week’s State Budget provides an opportunity for the Palaszczuk Government to set a clear economic direction for the State’s business community.