Recently released figures show that the value of Queensland’s goods exports rose 11.5% last financial year, with stronger global economic conditions and rising resources prices major factors in the state’s export success.
Final ABS figures for the year ending June 2018 value Queensland goods exports at $74.1 billion, a record 12-month total and 11.5% higher than last financial year.
TIQ economist Simon Fischer said coal and other resources continued to play a major part in Queensland’s export success, with agricultural exports also important.
‘Coal exports were worth more than $40 billion to the state in 2017–18, with both demand and prices rising,’ Mr Fischer said.
‘Stronger global economic conditions have boosted industrial production across Queensland’s major trading partners, lifting demand and prices not just for coal but also for LNG and other key minerals.
‘At the same time, our agricultural exports remain strong, with beef, crop and cotton exports worth $9.5 billion.’
Mr Fischer said that Asia, including India, remained Queensland’s main export market, with some smaller South East Asian nations growing in importance.
‘Exports to China, Japan, India and Taiwan were again the largest contributors to our export growth in 2017–18, accounting for 63% of Queensland’s export value, up from 60% last year,’ he said.
‘And Queensland goods exports to South East Asia grew by $574.8 million (up 16.1%), driven by exports of minerals, meat, chemicals and industrial machinery.
‘We also saw some changes in that ASEAN region, with Indonesia rising one place to be our tenth-largest goods export market, Malaysia rising four places to be eleventh, and the Philippines up four places to twenty-sixth.’
The new figures rank Queensland as Australia’s second-largest goods exporter by value behind Western Australia ($129.7 billion), and comparable to the combined total of New South Wales and Victoria ($74.4 million).
Increasing Queensland’s share of national overseas exports is one of two key targets identified in the Queensland Trade and Investment Strategy 2017–2022.