Resources and energy export earnings continue to rise
Latest trade data confirms Australia’s resources and energy exports continue to surge despite the challenges of the past 12 months.
Minister for Resources and Water Keith Pitt said the Australian Bureau of Statistics’ International Trade in Goods and Services data for October 2021 shows our resources and energy exports continue to go from strength to strength.
“These latest figures confirm again the resources sector as a long-standing and major contributor to Australia’s economy with coal and gas the star performers in the latest figures,” Minister Pitt said.
“The sector is performing even better than it was before the COVID pandemic.”
“Total resources and energy exports were $91.8 billion for the three months to October 2021, which is 41 per cent higher than for the same period last year.
“For the year to October 2021, resources and energy exports earnt $337.7 billion, which is an increase of 25 per cent on the previous 12 months making an enormous contribution to the national economy.”
Minister Pitt said Australia’s coal exports are thriving as strong demand and prices continue.
“Thermal and metallurgical coal exports hit $18.4 billion in the three months to October, which is double the earnings over the same period last year and 46 per cent higher than for the previous three months to June 2021."
“Demand for our liquefied natural gas saw exports reach a phenomenal $15.4 billion for the three months to October 2021.
“The figure was 161 per cent higher than for the same period last year and 54 per cent higher than for the previous three months to July 2021.
Total iron ore exports were $34.6 billion in the three months to October 2021, which was up 9 per cent on the same period last year, but down 33 per cent on the previous 3 months to July 2021. Exports for the year to October were $163.2 billion – 49 per cent higher than for the previous 12 months (to October 2020).
“The resources and energy sector already provides direct jobs for around 268,000 Australians and support the employment of over a million more.
“The growth shown in these earnings across the sector simply mean more jobs and more opportunities for Australia,” Minister Pitt said.