The latest Australian Bureau of Statistics trade figures have revealed that the value of Queensland exports has surged over the past year to yet another record high for the state.
This follows 12 consecutive months of record annual totals for the state, with the value of exports rising 18.4 per cent to $84.3 billion for the year to March 2019.
The largest contributor to the results is Queensland’s biggest exporter – coal, which makes up 40 per cent of the state’s total exports.
High-quality coal supports the jobs of more than 215,000 people and has benefited from increased demand from Asia, which uses Australia’s metallurgical coal to make steel.
Queensland’s vast supply of metallurgical coal is crucial in building infrastructure in modern cities, while its high-quality thermal coal assists in delivering energy needs through low emission coal-fired power plants.
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Coal contributed $36.3 billion to the state’s economy, which is an increase of 16 per cent while the resources sector made up $68.2 billion of $84.3 billion of the state’s total exports.
Queensland Resources Council Chief Executive Officer Ian Macfarlane said its coal production provided stability against volatile commodity movements.
“Together with minerals, liquefied natural gas, alumina and semi-soft coking metallurgical coal and PCI coal, the resource sector’s diversity story can cushion the economy against commodity fluctuations,” he said.
“For every $10 Queensland earns from exports, $8 is for our resource commodities and this will continue to grow with global growth.”
Queensland Premier Annastacia Palaszczuk also praised the importance of the minerals sector.
“This is another outstanding achievement for Queensland, there has never been a better time to invest in Queensland’s strong, diverse and resilient economy,” she said.