The value of Queensland’s goods exports rose by 16.3% to reach a record $81.7 billion last year, according to trade figures released recently by the Australian Bureau of Statistics (ABS).
Driven primarily by exports of coal and liquefied natural gas (LNG), the results make Queensland Australia’s second-largest goods exporter by value behind Western Australia, and a bigger goods exporter than Victoria and New South Wales combined.
The updated figures show that the top 4 contributors to the state’s export income in 2018 were:
- coal exports – accounting for 53.0% of annual export income
- LNG – accounting for 16.5%
- minerals – accounting for 13.0%
- meat – accounting for 6.8%.
The value of coal exports rose by $5.7 billion during the year, reflecting an increase in both coal prices and volumes for all types of coal.
Minerals exports increased in value by $1.8 billion, and beef exports were also up, increasing by $769 million.
Major export markets were:
- China – Queensland’s largest export market, taking 32.1% of the state’s exports by value, and injecting $26.2 billion into the Queensland economy last year
- Japan – 15.2% by value
- India – 12.3% by value
- South Korea – 11.0% by value.
The ABS trade figures for the 2018 calendar year were released on 5 February 2019.
Increasing Queensland’s share of national exports is one of the targets identified in the Queensland Trade and Investment Strategy 2017–2022.
If you’d like to get your product into overseas markets, connect with TIQ today or attend one of our upcoming Business growth essentials workshops running in regional Queensland in February and March.