New trade data highlights how Australia’s resources and energy exports are leading the nation’s economy in its comeback from the COVID-19 pandemic.
October trade data from the Australian Bureau of Statistics shows liquified natural gas (LNG) exports rose by 21.9 per cent compared to September, at a value of $2.2 billion, while the value of Australian iron ore exports continued to set new highs, growing by 4.1 per cent in the past month and 43.9 per cent compared to a year ago, earning Australia a record $11 billion for the month.
Minister for Resources, Water and Northern Australia, the Hon. Keith Pitt MP, said the data also shows that the value of coal exports were up 3 per cent on the previous month, valued at $3.4 billion.
“The trade figures show Australia’s resources and energy sector continues to underpin Australia’s economy and lead the country’s comeback as we emerge from the COVID-19 downturn,” Minister Pitt said.
“The sector directly employs more than 250,000 women and men and supports more than one million other jobs across the country, many in regional Australia.”
“It is the sweat and hard work of Australian workers in the mines, on oil rigs and in the gas fields that continues to support the economy,” he said.
“Their work supports our standard of living, and ensures governments can pay for essential services such as hospitals, schools and police.”
Minister Pitt said that 2020 has been a difficult year for many, with falls in global coal and oil prices, the trade data shows Australia’s resources and energy sector remains resilient and ready to supply the world as global conditions improve.
“Throughout the COVID-19 pandemic, Australia’s resources and energy sector has maintained Australia’s strong reputation as an efficient, safe and reliable supplier, helping our trading partners in Japan, Korea and China to keep the lights on,” he said.