Trade figures released today by the Australian Bureau of Statistics show Queensland’s overseas goods exports hit a new 12-monthly record of $85.8 billion to May 2019 – up more than 16 per cent on the same time last year.
It also means since the Palaszczuk Government was elected, exports had increased from $44.4 billion to $85.8 billion – a staggering 93.3 per cent increase.
The increase in the nominal value of Queensland’s merchandise exports was driven primarily by coal, LNG, minerals and beef exports.
Premier Annastacia Palaszczuk said the strong growth of exports in the year to May meant that new 12-monthly records had been set for each of the past 14 straight months.
“Queensland continues to export more goods than New South Wales and Victoria combined,” the Premier said.
“Our commodities, from LNG to beef, are delivering valuable export dollars to Queensland and supporting thousands of jobs across the state.
“Queensland continues to have a strong, diverse and resilient economy which is why our trading partners want to do business here.”
- Export prices for Queensland’s two most valuable exports, coal and liquefied natural gas (LNG), have increased markedly over the past few years, driving the total value of Queensland’s goods exports higher.
- The nominal value of LNG exports rose from $10.6 billion in the 12 months to May 2018 to $15.3 billion in May 2019. This is a year-on-year rise of more than $4.7 billion – or a rise in value of 44.1 per cent.
- Exports of hard-coking coal, used primarily in steel-making, reached $29.5 billion in the 12 months to May 2019 – up more than $2.9 billion, or 11 per cent, on the same period a year earlier. Thermal coal export values totalled $7.4 billion – up $1.0 billion over the year.
- Beef exports rose $948 million to $5.8 billion in the 12 months to May 2019. This is 19.7 per cent higher than the $4.8 billion in the 12 months to May 2018.
- Minerals exports increased $1.2 billion over the year to $10.6 billion in the 12 months to May 2019, driven by rises in the value of aluminium, zinc, lead and copper.
- The value of Queensland’s cotton exports rose 15.1 per cent on the previous year to $1.2 billion, while crops exports were $898 million, which was lower than the 12 months to May 2018, mostly due to reduction in chickpea exports.
The Palaszczuk Government is committed to growing jobs in a growing state. Since elected more than 207,000 jobs have been created.