Australian exports soared to a record high in 2018

The latest Australian Bureau of Statistics figures show a boom in exports in 2018, which has led to a record high.

Figures from early February show strong export performance by iron ore, gas, gold and particularly coal.

This led to Australian resources exports in 2018 meeting a new record of $248 billion.

Minister for resources and Northern Australia, Matt Canavan, said higher prices and export volumes produced a record $66 billion in exports of coal, and made it Australia’s most valuable single export.

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“This highlights the continuing role of coal in providing jobs and income for communities throughout Australia, and in underpinning our strong national economic performance.

“There is also good potential for expanded earnings as output from existing coal basins is increased and the Galilee Basin is brought into production.”

Minister Canavan said the value of 2018 coal exports was up 16 per cent on the previous year’s $57 billion and across the board resources exports were up 20 per cent on the previous year’s $206 billion.

“Resources contributed 72 per cent of Australia’s export of goods in the year and more than half of the nation’s total exports of goods and services.

“Mining is creating high-skill, high-pay jobs throughout Australia, often in regional areas.

“These latest figures are proof once again that Australia’s mining boom is far from over,” said Canavan.