Australia’s resources and energy export earnings continue to rise

Australia’s resources and energy exports continue to surge, latest trade data confirmed, despite the challenges of the past 12 months, Minister for Resources and Water Keith Pitt recently said, pointing to the latest data from the Australian Bureau of Statistics’ International Trade in Goods and Services data for October 2021.

“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,” Pitt said, adding that the sector was 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.

Pitt said Australia’s coal exports were thriving as strong demand and prices continued.

“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,” he said.

“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, the minister added.

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).

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