The Australian Bureau of Statistics issued a report this week that shows that the country’s mining sector set a new record for exports in 2018.
“Australia’s resources exports – including minerals, metals and petroleum – generated $248 billion in revenue. This is the highest-ever annual export value and accounted for 72 per cent of Australia’s goods exports,” the Minerals Council of Australia said in a media statement related to the report.
The official trade data also revealed that coal became the number one export earner in 2018. Higher prices and export volumes generated A$66 billion in export revenue.
The MCA brief also highlights gold’s performance. In the organization’s view, rising production at existing operations and new mines opening up in Western Australia were responsible for the A$20 billion in gold exports registered last year.
When all combined, revenues for the export of mineral resources allowed state governments to collect A$12 billion in royalty payments.
According to the council, besides coal and gold, the current mining boom has also seen an increase in iron ore and gas exports.
“Australia is [also] already the world’s largest producer of lithium and one of the few countries to produce rare earth elements, but more needs to be done to support the development of new mines,” MCA’s statement reads.
Based on the new record in mining exports, the industry group demanded consistent government policies that encourage further investment and productivity growth.