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QRC joins Palaszczuk government’s historic trade mission to China

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Dry Bulk,

The Queensland Resources Council (QRC) believes the Palaszczuk government’s historic trade mission to China will further strengthen the trading partnership through key resource commodities of coal, LNG and metals to create jobs, stimulate investment and boost regional Queensland.

QRC Chief Executive Ian Macfarlane has been invited by the Premier to join the mission this week, which will coincide with the 30th anniversary of the signing of a Sister State relationship between Queensland and the Municipality of Shanghai. The trade mission will be led by Deputy Premier and Treasurer Jackie Trad.

“Over the last 30 years, Queenslanders have benefited greatly from the partnership we have developed with the People’s Republic of China. The growth in trade has been extraordinary, creating more jobs, attracting more investment and, in the case of resource commodities like coal and LNG, it has generated more royalties for the Queensland government,” he said.

“30 years ago, Queensland exported only AUS$147 million worth of exports to China. As an export market, China ranked 15th. It accounted for less than 2% of Queensland’s exports. Today, China is clearly Queensland’s most important export market. Queensland’s exports to China were worth AUS$28.6 billion or almost a third of Queensland’s total exports.

“That extraordinary growth has been pronounced over the last 5 years thanks to the contribution of the resources sector. Queensland’s exports have almost tripled from AUS$11.2 billion in 2014-15 to more than AUS$28.6 billion last financial year.”

China is Queensland’s largest coal customer, it purchased 50.8 million t of coal in 2018 or almost a quarter (23%) of all Queensland’s coal exports in 2018. China is also our largest LNG customer, it purchased 14.2 million t in 2018 or more than two-thirds (68%) of Queensland’s entire LNG production.

Macfarlane said it was an honour for the QRC to be represented on the trade mission.

“The Premier’s invitation recognised the importance of the resources sector to the Queensland economy, not only as the source of 80% of the State’s export earnings but an employer of 316 000 Queenslanders and injecting more than AUS$62 billion into the State’s economy,” he said.

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