Queensland LNG hits $1 billion

QCLNG Curtis Island LNG facility

QCLNG Curtis Island LNG facility

Queensland LNG exports have surged in recent months, propping up the state’s economy and contributing the country’s shrinking trade deficit.

Australian Bureau of Statistics data released today revealed Queensland LNG shipments reached $1 billion at the end of July, with overall merchandise exports accelerating.

Treasurer Curtis Pitt welcomed the new data saying it LNG was a “success story” for the state and forecast exports to top $15 billion during the 2016-17 financial year.

“The nominal value of Queensland merchandise exports rose 20 per cent over the year to July quarter 2015,” Mr Pitt said.

“Growth over the year was driven by the ramp up of LNG exports, which commenced in January 2015, along with increases in the value of meat and coal exports.”

Meanwhile, Deloitte’s latest forecast for Queensland business was released with mixed results.

Deloitte Access Economics noted that for the June 2015 quarter, Queensland’s State Final Demand growth increased 0.1%. The weakening growth figure was allegedly triggered by large declines in business investment and “unchanged government spending/investment.”

Deloitte however forecast resource exports in Queensland to increase 17 per cent in 2015-16 and then 16 per cent in 2016-17 while construction and retail sector’s trend slower.

Queensland’s forays into the LNG export market have helped strengthen the country’s trade deficit, which shrank in July.

Australia’s trade deficit reached $2.4 billion in July, an increase from $3.05 billion in June.

Overall exports for the country reached $26.9 billion in July, up from $26.3 billion bolstered by increasing revenue from natural gas, gold, wheat, copper, nickel, lead and silver.

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