Minerals and LNG drive growth in Queensland exports

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Queensland merchandise exports in 2014-15 amounted to almost $47 billion, according to official ABS data released this week.

Treasurer Curtis Pitt said the value of Queensland merchandise exports hit $12.9 billion in June quarter 2015, up 17.9 per cent compared the same period last year.

“This is great news for the Queensland economy, as our exporters get on with the job of promoting growth and earning the State valuable export dollars,” he said.

“The result is being driven by increases in the value of meat and minerals exports, as well as the first six months of LNG exports.”

According to the ABS, minerals exports rose $440 million in 2014-15, to $8.1 billion, highlighting the resilience of the State’s resources sector.

“Growth in zinc and aluminium exports, which were up $548 million and $279 million respectively, contributed to this impressive growth,” Mr Pitt said.

“LNG shipments from the Port of Gladstone also commenced in early January 2015, pulling in $849 million worth of exports in 2014-15.”

The ABS data reveals that while coal export volumes rose five per cent over the year, lower prices drove the decline in export values.

Coal remains Queensland’s largest merchandise export, accounting for over half of the value of all of Queensland’s merchandise exports.

Mr Pitt said the ABS data reveals Queensland’s crops exports also increased in 2014-15 after a tough year in 2013-14.

“Crops exports grew $177 million in 2014-15 to $1.0 billion, with growth predominately driven by grain sorghum exports,” he said.

“Our manufacturers are also contributing to Queensland’s economic uplift, with manufactured exports rising 8.6 per cent to $3.0 billion in 2014-15.

“This is a great reflection of the underlying strength and diversity of the Queensland economy.

“Queensland has a more diverse economy compared to the other resources states, such as Western Australia.  Our mining sector accounted for around 10 per cent of total state output in 2013-14, compared to 30 per cent in Western Australia.

“We have a broad-based economy and with the ramp-up of LNG exports to continue in 2015-16, Queensland is forecast to grow faster this year at 4.5 per cent than that of all other states.”

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