Australian Bureau of Statistics figures have revealed Australia’s exports of iron ore, coal and LNG have grown for six months straight, with resources and energy exports reaching $142.5 billion in value from January to June.
Exports of iron ore for the first half of this year were up 44 per cent from the same period last year, with a total value of $44.4 billion for the first six months of this year.
LNG exports experienced similar growth, up by 38 per cent with a value of $24.2 billion for the first half of this year.
Coal exports from January to June have increased by 7.7 per cent compared to the same period last year, with exports for the first half of 2019 valued at $34 billion.
Minister for Resources and Northern Australia Matt Canavan said the results were an endorsement of the government’s plan outlined earlier this year in its National Resources Statement to have the world’s most advanced, innovative and successful resources sector to create more jobs and opportunity for Australians.
“Our resources sector is critical in maintaining our national prosperity, employing more than 247,000 Australians and generating $278 billion in exports last financial year. It is one of our great economic strengths, and is the bedrock of communities throughout the country,” Minister Canavan said.
“We are a worldbeater when it comes to resources and we want it to stay that way.
“While there is big demand for our resource exports, we can’t rest on our laurels. We must actively seek greater investment in the sector, to expand existing markets and open up new ones.
“Demand from our trading partners naturally fluctuates due to seasonal and economic factors, so diversifying our export markets is the key to long-term growth across all commodities.
“We can also make improvements at home. That’s why we have tasked the Productivity Commission to review the regulatory settings applied to the sector, with a focus on boosting efficiency, productivity and job creation.”