Queensland Coal Exports Continue to Boost Australia's Trade Surplus Run in November: CCIQ
Queensland coal exports helped Australia continue its trade surplus run recording $1.925 billion for November according to data released by the Australian Bureau of Statistics (ABS), following elevated demand from Asia for iron ore, coal and gas.
The Chamber of Commerce and Industry Queensland (CCIQ) notes that despite some moderation in coal sales, the coking coal price at $US200 a ton has seen the value of coal exports on a monthly basis continue at a run-rate of approximately $6 billion per month.
CCIQ Head of Media and Industry, Dan Petrie said activity in Queensland’s resources sector remains the key pillar for the state economy, as well as boosting the Queensland budget according to the latest Mid-Year Financial and Economic Review (MYFER).
“In looking at the November data it is important to remember that volatility on global markets was high towards the end of last year, implying a particularly strong result.
“There has been a considerable level of noise in media reporting about trade wars, but in terms of actual numbers, Queensland exports in this regard are performing incredibly well,” Mr Petrie said.
In an analysis of the ABS data, total merchandise exports from Queensland totalled 7.25 billion; the second highest on record according to CCIQ, and the fourth consecutive month goods leaving the state were above $7 billion.
CCIQ notes that imports into the state at $4.6 billion over the same period were a record and complements the recent activity seen in an improving retail sector across the state.