Resources remain strong contributor

LATEST export numbers have confirmed the flexibility of some of Australia’s key resources exports as the COVID-19 pandemic grips the world.

Total resources and energy exports grew by almost 34percent in March compared to February.

Resources Minister Keith Pitt said exports were also up by 2c in the first quarter over the same period last year, and were valued at $68.9b.

“Iron ore remains the star performer of the sector following a 36pc monthly increase during March worth $8.9b for the month, a 47pc increase on last year,” he said.

“While coal exports increased in March by 15.3pc, it is down by a similar amount on last year, which is an indication of some of the challenges the COVID-19 has forced on the sector.”

Total coal exports in the first quarter were down by 17.9percent on the same period last year, but still valued at $13.7b.

“A decline in steel manufacturing in countries like India and Japan has seen demand for our metallurgical coal fall but it should begin to recover as the global economy shifts back into gear,” Mr Pitt said.

“The next three months will bring some challenges but it is clear that resources and energy exports will be a key driver of our post COVID-19 recovery.

“I thank the industry and its workers who have kept the sector operating during this crisis and I look forward to working with them as we emerge from the global pandemic.”