Queensland Sees Record Yearly Exports of $80.5 Billion

Australia’s Queensland broke another record this week with the news that state exports totaled $80.5 billion for the 12 months to November 2018.

The new 12-month record was 12.4 percent higher than the year-ago period, when exports hit $71.6 billion. It also broke the previous 12-month record to October 2018 of $79.2 billion.

According to a statement from the Queensland government, the growth in merchandise exports value was driven by coal, liquefied natural gas (LNG), minerals and beef.

“Queensland continues to export more goods than New South Wales and Victoria combined,” Acting Premier and Minister for Trade Cameron Dick said in a statement on Wednesday (January 9). “These figures show we are on track to keep growing exports for the benefit of all Queenslanders.”

Coal exports increased by $4 billion to $43 billion in the 12 months to November 2018, while LNG exports grew $3.7 billion to $13.1 billion. The latter saw growth driven by an increase in prices.

Meanwhile, beef exports rose $710 million to $5.3 billion, and mineral exports expanded $1.6 million to $10.4 billion. Dry weather conditions have spurred graziers to unload their cattle stock, pushing increased beef exports. As for minerals, an increase in value among commodities like aluminum, zinc and lead has driven exports.

The news comes just a day after the Queensland Resource Council (QRC) announced that the state’s Port of Gladstone broke LNG export records in 2018 with a total of 20.58 million tonnes sent out.

The announcement also highlights Queensland’s oil and gas industry, which contributed $8.2 billion to the state economy in 2017/2018.

Both releases spotlight China as Queensland’s largest export market; in LNG, the Asian nation made up 69 percent of total exports last year.

A report from the office of the chief economist, referenced in yesterday’s QRC statement, indicates that China plans to continue increasing the amount of gas in its energy imports from 7 percent to a range of 8.3 to 10 percent by 2020.

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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.