Australia's exports of goods and services surpassed $400 billion for the first time in 2017-18, due mainly to growth in resources exports which accounted for 55% of total exports.

 

Queensland Resources Council CEO Ian Macfarlane said the trade earnings reinforced the dollar value of the nation's coal exports.

 

"This is more good news for our resources sector on top of the figures released last month by the Office of the Chief Economist that show ongoing strength in the export market for our commodities, including a forecast that the value of coal exports would overtake iron ore during the current financial year," he said.

 

Coal royalties reached a record $3.768 billion in this year's Queensland budget. The resources sector generates one in every six dollars for the Queensland economy and creates one in every eight jobs.

 

The Queensland resources industry generates almost 80% - or $60 billion - of Queensland's exports. The sector's recent growth has ensured the Palaszczuk Government is on target for achieving its Trade and Investment Strategy 2017-2022 goal of a 22% share of the nation's export revenue.