https://www.engineeringnews.co.za

Australia extends trade surplus on surging resources exports

Australia extends trade surplus on surging resources exports

Photo by Bloomberg

7th December 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Australia has reported a trade surplus of A$2.7-billion in October, an increase of A$182-million on the September surplus, driven by surging coal, iron-ore and liquefied natural gas (LNG) exports.

“Australian Bureau of Statistics (ABS) figures show our trade surplus for the month of October was A$2.3-billion, supported by coal exports of more than A$6-billion, iron-ore exports of A$5.4-billion and LNG exports of A$4.5-billion,” Minister for Resources and Northern Australia Matt Canavan said.

“Our resources are making a vital contribution to the Australian economy, with record values for exports. Spending on goods, services and wages by our resources companies, plus royalties and other taxes, are critical to the national and state economies and to the prosperity of the regions.”

Canavan noted that for the 12 months to October 2018, coal exports totaled A$64.6-billion, Australia’s single most valuable export commodity, while iron-ore exports reached A$61.6-billion and LNG A$38.8-billion.

“Coal exports in October were up 9.3% compared with the previous month and 29.8% compared with October 2017, iron-ore was up 0.9% compared with the previous month and 15.8% compared with October 2017, and LNG was up 7.9% compared with the previous month and more than 100% compared with October 2017.”

At the same time, exports from Queensland jumped 20.6% or A$3.7-billion in the year to October. In the 12 months to October, Queensland merchandise exports totaled A$79.3-billion.

Premier Annastacia Palaszczuk said it was a proud achievement for Queensland.

“Once again, Queensland exports more than New South Wales and Victoria combined,” the Premier said.

“Exports mean jobs. This is a tremendous Christmas present for our state.”

Of Queensland’s total A$79.3-billion exports, coal accounted for A$34.9-billion, while other minerals accounted for A$8.10-billion.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 1.006s - 140pq - 2rq
Subscribe Now