Energy Club

Northern Territory

LNG driving NT economy

26 Sep 2019 2:54 PM | Sonia Harvey (Administrator)

THE Northern Territory follows Western Australia in record export figures driven largely by a ramp up of new LNG projects in the year. 

The government has recorded its highest-ever international export figures to 2019 with a balance of A$8.1 billion or a 111.5% increase on the previous year thanks in large part to Inpex's LNG exports from its Darwin plant which drove 70% of the balance, it said.  

"Resources, live export and the commencement of LNG export from the Inpex site which commenced in 2018 top the Territory's major export list," it said this morning. 

The Northern Territory has recorded a surplus each year for a decade thanks to energy and minerals in large part. 

In 2018-19, the NT's total value of goods exported increased by 65.5%, a rise of $3.8 billion to $9.5 billion, in current prices, driven by "significant" rises in exports to Japan, China and Taiwan. 

Japan is the Top End's biggest export destination taking 44.6% of all exports, followed by China at 27.4% and Taiwan at 5.9%. All three import significant quantities of LNG, with Japan's Inpex sending a large number of cargoes to the nation. 

As LNG is considered a "confidential" item actual figures were not released by the government.  

"Almost doubling our international trade balance is a huge outcome for the Northern Territory, for the economy and for jobs," Minister for Primary Industry and Resources Paul Kirby said.  

"The Territory export economy has a bright future and figures like these reinforce the importance of our export market for jobs and the economy. 

Source: Energy News Bulletin

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