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PERTH (miningweekly.com) – Queensland’s overseas merchandise exports in the 12 months to November have increased by A$1.6-billion, on the back of significant increases in the value of hard coking coal and liquefied natural gas (LNG) exports.
Acting Treasurer Bill Byrne said on Tuesday that the increase represented a 12.4% nominal value increase over the previous period.
“In the 12 months to November, the value of Queensland’s exports totalled A$49.5-billion. What this shows is the significance of Queensland as a major global exporter of key resources and agricultural products,” Byrne said.
He noted that higher coal contract prices were expected to support further growth in export values in coming months, but were not expected to be sustained in the longer term with hard coking coal spot prices falling in early January 2017.
"Queensland Treasury estimates that LNG exports increased A$728-million over the year to November to A$1.9-billion. The final two LNG production trains commenced exports out of Gladstone during 2016, meaning there are now six production trains on line.
“As a result, LNG exports are expected to drive strong economic growth of 4% in 2016/17.”
Minerals exports fell by A$447-million in the year to November, to A$2-billion, with the decline reflecting falls in the value of all major mineral exports.
Byrne noted that while zinc and lead production had fallen over the past year, a strong recovery in zinc prices appeared to have encouraged additional supply, with Glencore’s zinc production rising 13% in the September quarter, compared with the June quarter.
“Aluminium and copper were the only major mineral exports to record an increase in export volumes over the year, although not enough to offset the decline in export prices,” he added.