Queensland exports rebound as to Australia’s Trade Surplus reaches record

Queensland exports led by a rebound in coal sales and elevated liquefied natural gas shipment help propel Australia to a record trade surplus of $5.75 billion in seasonally adjusted terms according to data released by the Australian Bureau of Statistics (ABS).

The Chamber of Commerce and Industry Queensland (CCIQ) notes that despite volatility in commodities, a lower Australian dollar has assisted services exports such as tourism and education currently marketing into Asian markets.

CCIQ Head of Media and Industry, Dan Petrie said activity in Queensland’s resources sector remains a key pillar for the state economy whilst agriculture and services sectors are starting emerge from a challenging last 12 months.

“In looking at the May data it is important to remember that whilst resources have provided a great headline, the value added services sector is also providing a positive story for the state economy.

“Coal and natural gas have rebounded strongly from a subdued print in April whilst the services sector that encompasses everything from education, medical and tourism recorded $8.3 billion of export value nationally.

“Queensland exports in services and high end products are being generated from a small business sector doing some extraordinary work in a somewhat challenging environment,” Mr Petrie said.

In an analysis of the ABS data, total merchandise exports from Queensland totalled $7.2 billion in May and the state’s merchandise exports of $85.794 billion eclipse those from New South Wales and Victoria put together.

The result is the seventh highest on record with imports into the state at $4.267 billion over the same period.