LNG drives growth in Queensland merchandise exports

Queensland merchandise exports in 2014-15 amounted to almost $47 billion, according to official data by the Australian Bureau of Statistics released this week.

Treasurer Curtis Pitt said the value of Queensland merchandise exports hit $12.9 billion in June quarter 2015, up 17.9 per cent compared to the same period last year.

“The result is being driven by increases in the value of meat and minerals exports, as well as the first six months of LNG exports,” he said.

According to Pitt, the start of LNG exports from the Port of Gladstone in early January pulled in $849 million worth of exports in 2014-15.

Coal remains Queensland’s largest merchandise export, accounting for over half of the value of all of Queensland’s merchandise exports.

Pitt said that Queensland has a more diverse economy compared to the other resources states, such as Western Australia.

Our mining sector accounted for around 10 per cent of total state output in 2013-14, compared to 30 per cent in Western Australia.

We have a broad-based economy and with the ramp-up of LNG exports to continue in 2015-16, Queensland is forecast to grow faster this year at 4.5 per cent than that of all other states,” he concluded.


Image: BG