According to a recent report, Australian agricultural exports have grown by $12.5 bln to $80 bln due to higher-than-average rainfall and high commodity prices. The Rural Bank’s Australian agricultural exports report for 2022-2023 stated that China led Australia’s top export market for annual growth, followed by Japan and the United States, with total agricultural export values almost 50% above the five-year average.
The report also warned that Australian farmers could expect a smaller crop in 2023, which, combined with a drop in commodity prices, could mean a decline in export prices. Rural Bank’s head of agribusiness development, Andrew Smith, said the value of exports to China rose by $3.1bn or almost 23% in 2022-2023 to a record high of $16.6 bln. The almond industry also recorded growth.
The report also shows Victoria remains the largest agricultural exporter by value, responsible for almost a quarter of all Australian agricultural export trade (24.2%). Western Australia produced the largest export growth in agricultural commodities of any state last year, with increases in crop exports of 42% thanks to record production levels and high prices for wheat and canola.