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 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 Keith Pitt (pictured) said the data also shows LNG exports rose 21.9 percent compared to September and the value of coal exports were up three per cent on the previous month.
“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.
“Their work supports our standard of living, and ensures governments can pay for essential services such as hospitals, schools and police.
“While 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.”
The trade data found coal exports were worth $3.4 billion in October, while LNG exports earned $2.2 billion in October.
It follows the ABS also releasing quarterly statistics on mineral and petroleum exploration expenditure by private organisations in Australia.
The data shows a rise of 9.0% (+$61.6m) to $744.9m in spending, while existing deposits jumped 7.3%(+$33.1m). Spending on new deposits rose 12.4% (+$28.5m) and gold exploration recorded the largest rise (up 17.0%, +$51.7m).
Metres drilled increased by 18.8%, including a rise of 23.3% on new deposits and 16.5% for existing deposits.
Petroleum expenditure was up 4.0% (+$8.4m) to $220.2m, however spending on production lease areas fell 15.3% (-$17.5m).
Onshore activity jumped 5.9% (+$8.6m) to $155.4m, onshore drilling expenditure fell 4.7% (-$4.3m) and other onshore expenditure rose 23.2% (+$12.9m).
Offshore total expenditure fell 0.3% (-$0.2m) to $64.8m, drilling expenditure dropped 33.3% (-$0.9m) while other offshore expenditure rose 1.1% ($0.7m).
