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Resource exports tip the scale in May

4th July 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – New data by the Australian Bureau of Statistics (ABS) has shown that the resources sector generated a record A$24.9-billion in export earnings during May this year, accounting for 60% of total export income.

Iron-ore exports also reached a record high in May, accounting for A$8.8-billion of the total export earnings.

The ABS noted that other minerals and metals exports including gold, copper and nickel contributed A$6.6-billion in earnings.

“Resource exports will boost economic growth and continue to strengthen Australia’s fiscal position – delivering revenue to fund teachers, nurses, police, infrastructure projects and personal income tax cuts,” Minerals Council of Australia CEO Tania Constable said on Thursday.

Meanwhile, the export of coal, liquefied natural gas (LNG) and other minerals have also seen Queensland’s export earnings grow in the last 12 months, with Premier Annastacia Palaszczuk saying 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. Our commodities, from LNG to beef, are delivering valuable export dollars to Queensland and supporting thousands of jobs across the state,” she said.

Exports from the Queensland resources sector over the last 12 months have earned A$70-billion for the first time, based on trade data from the ABS.

Queensland Resources Council CEO Ian Macfarlane said the sector, which employs more than 315 000 men and women across the state, has delivered 81% of Queensland’s record export earnings of A$85.8-billion for the 12 months to May.

“In dollar terms, exports from the resources sector – coal, minerals and gas – are worth more than A$190-million every day. That means more jobs and frankly more money going into communities across Queensland, including Brisbane and the south-east,” he said.

Macfarlane said coal continued to be Queensland’s largest export earner at A$36.9-billion, with an increase of 12%, or A$4-billion, over the previous 12 months, and there was strong growth for minerals and petroleum and LNG.

“Queensland has what the world needs. With the stable policy settings, the resources sector can continue to grow and in doing so create more jobs and more opportunities for Queenslanders,” he said.

Edited by Creamer Media Reporter

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