Surging coal, iron ore and LNG exports have made a major contribution to Australia’s trade surplus for October, Minister for Resources and Northern Australia Matt Canavan said today.
“Australian Bureau of Statistics figures show our trade surplus for the month of October was $2.3 billion, supported by coal exports of more than $6 billion, iron ore exports of $5.4 billion and LNG exports of $4.5 billion,” Minister Canavan said.
“Our resources are making a vital contribution to the Australian economy, with record values for exports.
“Spending on goods, services and wages by our resources companies, plus royalties and other taxes, are critical to the national and state economies and to the prosperity of the regions.
“For the 12 months to October 2018, coal exports totalled $64.6 billion – Australia’s single most valuable export commodity – iron ore $61.6 billion and LNG $38.8 billion.
“Coal exports in October were up 9.3 per cent compared with the previous month and 29.8 per cent compared with October 2017; iron ore was up 0.9 per cent compared with the previous month and 15.8 per cent compared with October 2017; and LNG was up 7.9 per cent compared with the previous month and more than 100 per cent compared with October 2017.”