The LNG vessel, the Methane Spirit, departed Australia Pacific LNG's facility on Saturday 9 January.
The LNG vessel, the Methane Spirit, departed Australia Pacific LNG's facility on Saturday 9 January.

Gladstone industries boost state's exports to $1b a week

IF YOU need any more convincing that Gladstone is the engine room of the state's economy, then here it is.

New Queensland Treasury figures reveal surging coal prices and ramped up production at Curtis Island's liquefied natural gas facilities drove a dramatic $5.4 billion increase in the state's exports over the past year.

The combined increase of $7.3438 in those industries also offset declining export revenue in other industries, the worst of which was minerals, down $1.239 billion, and meat, down $1.001 billion.

It also gave Queensland major bragging rights as a $1 billion a week export powerhouse where the state shipped off $54.4 billion worth of goods over the past year to January.

ON THE UP: Surging coal prices and ramping up of LNG production have ensured Queensland's exports continue to grow.
ON THE UP: Surging coal prices and ramping up of LNG production have ensured Queensland's exports continue to grow. Luke Mortimer

The coal export industry grew 19.2% to $21.058 billion.

The confidential category of Treasury's figures, which includes LNG, alumina, and semi-soft coking metallurgical coal, industries where export figures are commercially sensitive, grew 39.6% to $13.959.8.

Despite falling alumina prices, an increase in the confidential category has coincided with a 37.7% surge in LNG production to 36.8 million tonnes Australia-wide.

GROWTH: Queensland is making a comeback in exports after the heights of the mining boom.
GROWTH: Queensland is making a comeback in exports after the heights of the mining boom. Luke Mortimer

China remains the state's largest export market, buying $13.34 billion of goods, up 14.2%, with Japan second at $8.796 billion.

But India, the state's fastest growing export market, increased 28.9% to $6.916 billion after a 17.6% increase in the previous year.

CONSUMERS: China is our biggest export market, but India has the most rapid growth.
CONSUMERS: China is our biggest export market, but India has the most rapid growth. Luke Mortimer

Queensland also propped up the country, with its $5.6 billion increase in exports making up more than a third of Australia's $14.2 billion increase. 



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