Resources sector defies COVID to maintain 80pc share of Qld exports

THE Queensland resources industry has continued to deliver its 80 percent share of the state’s export earnings over the past 12 months despite the disruptions to international markets and commodity prices, according to new trade data.

QRC chief executive Ian Macfarlane said over the 12 months to August 2020, the 372,000 Queensland men and women working in resources helped deliver $56.5 billion -- or 79.25 percent -- of the state’s total export earnings of $71.3 billion.

“Queensland export earnings have been impacted by COVID-19, with total export earnings down by $16 billion compared to the previous 12 months, but we’ve still contributed 80 percent of total exports ,” Mr Macfarlane said.

“Export sales to overseas customers are critical to our prosperity at home in Queensland.  As a result of the men and women working in resources following COVID-safe practices, our industry is keeping the Queensland economy strong and continuing to contribute to a resources-led COVID recovery.

“The world needs what Queensland has, but we also need to have long-term, stable policy and royalty settings to ensure the resources industry can continue to invest, employ and export at the level we currently do, and on which our state economy depends.”

Queensland’s resource exports across key commodities over the 12 months to August 2020 are led by metallurgical and thermal coal at $33.2 billion, liquefied natural gas at $13.8 billion and minerals at $9.5 billion.

Link to Queensland Treasury export data update.

www.qrc.org.au

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