Photo by: Bloomberg
PERTH (miningweekly.com) – Australia has reported a trade surplus of A$2.7-billion in October, an increase of A$182-million on the September surplus, driven by surging coal, iron-ore and liquefied natural gas (LNG) exports.
“Australian Bureau of Statistics (ABS) figures show our trade surplus for the month of October was A$2.3-billion, supported by coal exports of more than A$6-billion, iron-ore exports of A$5.4-billion and LNG exports of A$4.5-billion,” Minister for Resources and Northern Australia Matt Canavan said.
“Our resources are making a vital contribution to the Australian economy, with record values for exports. Spending on goods, services and wages by our resources companies, plus royalties and other taxes, are critical to the national and state economies and to the prosperity of the regions.”
Canavan noted that for the 12 months to October 2018, coal exports totaled A$64.6-billion, Australia’s single most valuable export commodity, while iron-ore exports reached A$61.6-billion and LNG A$38.8-billion.
“Coal exports in October were up 9.3% compared with the previous month and 29.8% compared with October 2017, iron-ore was up 0.9% compared with the previous month and 15.8% compared with October 2017, and LNG was up 7.9% compared with the previous month and more than 100% compared with October 2017.”
At the same time, exports from Queensland jumped 20.6% or A$3.7-billion in the year to October. In the 12 months to October, Queensland merchandise exports totaled A$79.3-billion.
Premier Annastacia Palaszczuk said it was a proud achievement for Queensland.
“Once again, Queensland exports more than New South Wales and Victoria combined,” the Premier said.
“Exports mean jobs. This is a tremendous Christmas present for our state.”
Of Queensland’s total A$79.3-billion exports, coal accounted for A$34.9-billion, while other minerals accounted for A$8.10-billion.