Photo by: Bloomberg
PERTH (miningweekly.com) – Despite global trade tensions, Australia’s resources and energy exports have continued to underpin the nation’s economic recovery post Covid-19.
Trade data from the Australian Bureau of Statistics (ABS) has shown that iron-ore exports during the month of October grew by 4.1% and 43.9% compared to a year ago, earning Australia a record A$11-billion for the month.
Federal Minister for Resources, Water and Northern Australia Keith Pitt said the data also showed liquefied natural gas (LNG) exports rose 21.9% compared to September and the value of coal exports was up 3% on the previous month.
“The trade figures show Australia’s resources and energy sector continues to underpin Australia’s economy and lead the country’s comeback as we emerge from the Covid-19 downturn,” Pitt said.
“The sector directly employs more than 250 000 women and men and supports more than one-million other jobs across the country, many in regional Australia. It is the sweat and hard work of Australian workers in the mines, on oil rigs and in the gasfields that continues to support the economy.
“Their work supports our standard of living, and ensures governments can pay for essential services such as hospitals, schools and police.
“While 2020 has been a difficult year for many, with falls in global coal and oil prices, the trade data shows Australia’s resources and energy sector remains resilient and ready to supply the world as global conditions improve.
'Throughout the Covid-19 pandemic, Australia’s resources and energy sector has maintained Australia’s strong reputation as an efficient, safe and reliable supplier, helping our trading partners in Japan, Korea and China to keep the lights on,” Pitt said.
The trade data found coal exports were worth A$3.4-billion in October, while LNG exports earned A$2.2-billion in October.