Great news for WA as US based energy giant Chevron finally sealed its position as a long-term powerhouse in Western Australia’s economy with a massive increase of $4.8 billion in export revenue since last year from WA operations and now ranks fifth on the 2018 Business News Exporters List.
Rio Tinto took the top spot on the exporter Business News list with $30.7 billion whilst BHP continued to hold their second spot closely behind with $29.6 billion. Fortescue Metals Group which is ranked had significant growth in export volumes, from $8.9 billion to $14.2 billion as well as Roy Hill that ranked seventh expect a revenue lift from $3.8 billion to $5.7 billion.
Recent research by EY which was funded by Fortescue, has emphasised that all of these figures as a collective will have a remarkable impact on Western Australia’s economy.
“Australia’s resource sector is the powerhouse of our economy, and at 3 percent of GDP the iron ore sector directly contributes 68 cents to the economy per dollar of output with a further 17 cents per dollar indirectly flowing through strong linkages to other industries” said FMG chief executive, Elizabeth Gaines.
This is a summary of the article ‘Investment boom pays export dividends’ by Matt Mckenzie | Published in Business News Western Australia | Page 17-19
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