Queensland's Exports Pare Back But Trade Data Remains Good as Gold: CCIQ
Elevated commodities pricing for metallurgical coal, natural gas and iron ore have helped Australia record a $7.18 billion surplus in October according to data released by the Australian Bureau of Statistics (ABS).
The Chamber of Commerce and Industry Queensland (CCIQ) notes a moderation in major export items such as iron ore, gas and coal exports were offset nationally by an increase in gold exports of $570 million while copper, nickel, wheat and wool also bolstered shipments leaving Australia.
CCIQ Chief Economist, Dr Marcus Smith said despite some moderation in coal, activity in Queensland’s resources sector is critical for the state’s longer term future.
“Queensland’s exports of LNG and coal are still impressive and remain the core pillar of outbound earnings for the state.
“Despite the harrowing effects of drought, Agriculture has remained resilient although industries such as sugar continue to face near term challenges.
In an analysis of the ABS data, total merchandise exports from Queensland fell by $138 million to almost $7.2 billion in September whilst imports into the state fell sharply from 544 million in August to $3.848 billion in the September report.