Jul 04, 2020

Resources remain backbone of State export earnings

Resources remain backbone of State export earnings

Queensland’s resources sector accounted for 80 per cent of the total value of the State’s exports of $79.9 billion in the 12 months to May 2020.

Queensland Treasury’s analysis of Australian Bureau of Statistics data showed a drop of almost $6 billion in the value of Queensland exports in that time, while nationwide the total rose by $19.3 billion.

Coal accounted for $32.6 billion of the Queensland total, although its earnings slumped $4.5 billion compared to the previous year.

Queensland Resources Council Chief Executive Ian Macfarlane said the latest ABS data was another solid result for the State’s economy but the impacts from COVID-19 were being realised.

“It’s the first time for several quarters we’ve seen the State’s total export value dip below $80 billion and it’s a sign of the challenges ahead as world markets are impeded by COVID-19,” Mr Macfarlane said.

“Resources accounted for $64 billion of total exports with coal exports falling by 12.2 percent while metals exports increased by 7 percent to $8.5 billion.

“Despite the fall in coal it was still the State’s most valuable commodity accounting for $32.6 billion of the total value of exports.

“LNG exports fell to 1.72 million tonnes which is down around 4 percent from the average of about 1.8 million tonnes a month achieved across 2018-19.

“The numbers have softened but in the current environment they are encouraging especially for jobs here in Queensland.”