The Government’s expectations were that resources and energy exports would reach about $380 billion this financial year.

Resources Minister Keith Pitt said the December quarter produced 150 per cent jump in export values for coal and LNG, both of which were key commodities in Queensland.

Coal however, is expected to face a continuation of the trade ban from China, but prices have still shot as high as $US430 a tonne for metallurgical coal. LNG prices have also surged to about $US27/mmbtu (million British thermal units).

The jump should boost royalties flowing into the State Government’s treasury.

It follows data collated by the Chamber of Commerce and Industry Queensland showing strong export growth in agricultural products, particularly to Asia and America.

Pitt said the latest monthly figures from the Australian Bureau of Statistics showed Australia’s resource and energy exports continued to surge in to record territory.

“These export earnings continue to create and sustain jobs for Australians, particularly in regional areas,” he said.

“It also means the resulting royalties can continue to fund the infrastructure and services we rely on, such as schools, roads and hospitals.”

“Coal was again a major contributor with exports totalling $23.8 billion in the three months to December 2021, a massive 156 per cent higher than for the same period to December 2020.

“Liquefied natural gas exports saw a similar increase. The $18.3 billion earnt in the three months to December 2021 was 148 per cent higher than for the same period in the previous year.”

Iron ore exports earnings eased to $24.9 billion in the three months to December 2021, down 29 per cent on the previous period as prices came down from record levels. However, exports were $154.2 billion in the year to December 2021, up 32 per cent on the previous year.

“Resources remain far and away Australia’s biggest export earner, and continue to underpin the strength of the national economy,” he said.

“The outlook for our resources and energy sector continues to be positive as global demand for Australian resources remains strong, particularly for our coal and gas.

“The most recent forecast estimated resources and energy exports would reach a record high of $379 billion this financial year and these latest figures suggest that target will be achieved.”