China has confirmed its status as the fastest growing market for NSW coal, leap-frogging other key Asian markets to become the second largest export destination in 2011-12. New figures released as part of the NSW Minerals Council’s latest industry report ´NSW Mining 2012: A Snapshot’ shows that NSW coal exports to China grew by 210% between 2010-11 and 2011-12 and nearly 2000% over the last five years. The figures show that 17.5% of NSW coal exports went to China in 2011-12, moving ahead of both Korea (15.3%) and Taiwan (10.4.%). This is a change on the previous financial year, whereChina accounted for 9.3% of coal exports from NSW, while Korea was the second largest at 17.5% and Taiwan third at 13.5%.

Japan remains the largest overall market for NSW coal, receiving 46.5% of coal exports in 2011-12. The value of NSW coal exports in 2011-12 was $16.8 billion, up from $14.1 billion in 2010-11. With other minerals and metals, the estimated value of NSW mining exports for 2011-12 was $21 billion up from $18.7 billion in the previous financial year. Coal remains NSW’s number one export commodity at 35% of total merchandise exports, followed by copper ores and concentrates at 5%, refined petroleum at 4% and aluminium at 4%.

NSW Minerals Council CEO, Stephen Galilee, said the new figures were encouraging in the context of the tough conditions the coal industry had experienced over the past year. “Many of our members in NSW have experienced difficult trading conditions due to global economic conditions,rising costs, and a fall in coal prices over the second half of last year,” Mr Galilee said. “It’s important to note that China’s is the world’s largest coal producer and its domestic coal production vastly eclipses imports of coal from NSW, producing 3,471 million tonnes per annum. However, the ongoing strong demand for NSW coal in China is good news for our national and state economies and also for the economic strength of NSW coal mining communities.”

“Coal mining alone provides a direct income for over 22,000 employees and their families in NSW; workers in communities like Singleton, Muswellbrook, Wollongong, Gunnedah, Tamworth, and Boggabri. It’s estimated that coal mining also generates around 77,000 additional jobs across the state.” “NSW is well placed to meet many of the minerals needs of major economies around the world. We have a stronghistory of supply to developed economies like Japan and the Republic of Korea, while at the same time we are developing excellent trading relationships with major emerging markets like China and India,” he said. “NSW can also be proud that our coal is providing reliable energy for more people in some of the poorest parts of the world, including in China, where the energy generated by our coal is lifting whole communities out of poverty,” Mr Galilee said.