Exports growth highlights strong and diverse state economy

Despite tough economic conditions the resilience of the Queensland economy has shone through with the value of the state’s exports rising by $1.1 billion to hit $47.6 billion in 2015-16.

Treasurer Curtis Pitt said the 2.3 per cent rise in the value of the state’s exports compared with a drop of 4.4 per cent in the national figure — a total of $243.3 billion in the year to June which was down $11.3 billion.

“These latest ABS figures illustrate the underlying strength of the Queensland economy which has shown nation-leading growth in the face of challenging domestic and international markets,” Mr Pitt said.

“The rise in overall export values was largely the result of a rise in rural exports, in particular a massive 53 per cent rise in the value of crop exports that reached $1.6 billion in 2015-16.

“LNG exports also continue to contribute to export growth. They are part of a confidential reporting category that rose by 56 per cent or $4.1 billion.

“By contrast the value of non-rural exports fell more than 10 per cent, with coking and thermal coal exports dropping by $2 billion over the year reflecting tighter demand and prices on the world market.

“This highlights the diversity of our state economy and the way in which one strongly performing sector can help deflect the impact of lower performance in another.

“It is one of the fundamentals recognised by most analysts which is why they can confidently forecast our state economy to grow strongly.”

Mr Pitt said China remained the state’s biggest export destination, worth $11.1 billion in 2015-16 which was down by $132.5 million on the previous year.

“Japan remains our second-largest market with exports from Queensland totalling $8 billion, down $419.5 million,” he said.

“The falls in those two major markets were offset by rises in exports to our third-largest export destination, the Republic of Korea which bought more than $6 billion worth of our goods and services — a rise of $1.4 billion.

“Exports to India also rose by almost $418 million to reach more than $5.3 billion.”

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