The value of Queensland’s goods exports rose by 17.1% to reach a record $87.0 billion* last financial year, according to trade figures released 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 exporter behind Western Australia, and a bigger goods exporter than Victoria and New South Wales combined.
The new figures show that the state’s major exports in 2018–19 were:
- hard coking and thermal coal exports – accounting for 43.2% of annual export income
- LNG – accounting for an estimated 17.7%
- minerals – accounting for an estimated 12.4%
- beef – accounting for 6.7%.
The value of hard coking and thermal coal exports rose by $4.4 billion during the financial year, reflecting an increase in both coal prices and volumes for both types of coal.
Minerals exports increased in value by $1.5 billion, and beef exports were also up, increasing by $903 million.
Major export markets were:
- China – Queensland’s largest export market, taking 32.9% of the state’s exports by value, and injecting $28.7 billion into the Queensland economy last financial year.
- Japan – 14.0% by value
- India – 12.3% by value
- South Korea – 10.9% by value.
The ABS trade figures for the 12 months to June 2019 were released on 6 August 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.
*Update 6 September: The ABS has released revised figures that put the value of Queensland’s good exports for the 2018–19 year at $87.3 billion.