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27 July 2020
International trade in Queensland’s resources has remained steady with an 80% contribution to the total value of the state’s exports of AUS$79.9 billion in the 12 months to May 2020, according to Queensland Treasury’s analysis of Australian Bureau of Statistics (ABS) data.
Queensland Resources Council Chief Executive, Ian Macfarlane, said the latest ABS data was an additional solid outcome for the state’s economy, but that the impacts from COVID-19 were being realised.
“It’s the first time for several quarters we’ve seen the state’s total export value dip below AUS$80 billion and it’s a sign of the challenges ahead as world markets are impeded by COVID-19,” Macfarlane said.
“Resources accounted for AUS$64 billion of total exports with coal exports falling by 12.2% while metals exports increased by 7% to AUS$8.5 billion.
“Despite the fall in coal it was still the state’s most valuable commodity, accounting for AUS$32.6 billion of the total value of exports.
“The numbers have softened but in the current environment they are encouraging especially for jobs here in Queensland.”