The Western Australia's mineral and petroleum industry has been valued at $121.6bn for the period of 2013 to 2014, according to the Department of Mines and Petroleum (DMP).
This value represents a rise of around 20% on last year and DMP's figures reveal that iron ore has remained the highest valued resource, with a record $73.7bn in sales.
According to the DMP, project expansions and a strong demand from China has resulted in a 23% increase in iron ore exports to 631 million tonnes.
Gold, copper, lead, salt and diamonds also experienced significant increases between 2013 and 2014. Gold sales totalled $8.8bn, making it Western Australia's second most valuable source, followed by alumina at $4.2bn and nickel at $3.5bn.
DMP said that Western Australia continues to be the country's leading mining investment destination, attracting 52% of the entire national capital spending of $90bn.
The new capital expenditure by the state's mining sector has increased at an annual rate of 15% during the five years up to 2013.
Western Australia had an estimated $160bn worth of resource projects under construction or in the committed stage of development as at September this year. A further $108bn has been allocated to planned or possible projects in the next few years.
Mineral and petroleum exports totalled about 90% of total merchandise exports in the state. These represent the major contribution to Western Australia's 48% share of the nation's total merchandise exports.
China remains the reion's major trading partner purchasing 54% of merchandise exports, followed by Japan at 18% and South Korea at 8%.
Image: Western Australia's mineral and petroleum industry is valued at $121.6bn for 2013 to 2014. Photo: courtesy of the Government of Western Australia.