Queensland's Coal and Gas Exports Strong as Trade Data Masks State’s Economic Challenge: CCIQ
Elevated commodities pricing for metallurgical coal, natural gas and iron ore have helped Australia record a $5.926 billion surplus in August according to data released by the Australian Bureau of Statistics (ABS).
The Chamber of Commerce and Industry Queensland (CCIQ) notes demand for LNG helped offset small retracements in the value of coal and iron ore exports over the same period as sales of beef from Australia record a second straight month of a billion dollars in exports for the first time in the series’ history.
CCIQ Head of Media and Industry, Dan Petrie said activity in Queensland’s resources sector remains the great saviour of the Queensland economy in terms of assisting the state’s treasury.
“Queensland’s export out performance in coal and natural gas have boosted royalties in the state beyond $5 billion and essentially allows policy makers some respite amidst a domestic economy with significant challenges.
“Iron ore, coal, natural gas, meat and aluminium have delivered $20 billion of export value nationally which, given the precarious nature of sentiment surrounding the global economy, is an extraordinary statistic.
“Queensland exports in services and high-end products are being generated from a small business sector doing incredible work in a somewhat challenging environment.
“China remains Queensland’s favourite export destination accounting for more than a third of the value of the State’s merchandise exports going to the world’s second largest economy,” Mr Petrie said.
In an analysis of the ABS data, total merchandise exports from Queensland rose by 200 million to almost $7.4 billion in August whilst imports into the state were $4.39 billion over the same period.
*Please note the charts below are annual unless otherwise stated.