South Australia’s merchandise exports have soared to an unprecedented high, reaching $18.02 billion and marking the state as the only jurisdiction in Australia to witness export growth over the past year. This 8.7 percent increase, compared to the previous year up to January 2024, signifies a robust phase in South Australia’s economy, showcasing its resilience and dynamism in the global market.
The remarkable achievement comes on the heels of the ANZ’s Stateometer report for economic performance up to December 2023, which highlighted South Australia’s consistent outperformance against the national average. This economic buoyancy positions the state as a leading player in Australia’s trade landscape.
As South Australia prepares for an upcoming trade mission to China, it’s noteworthy that China has emerged as the state’s largest trading partner. Merchandise exports to China have surged by 51.6 percent, reaching a record $3.6 billion.
The United States follows China as South Australia’s second-largest trading partner, with exports increasing by 22 percent to $1.8 billion. Additionally, trade relations with India have strengthened, showcasing a 12 percent growth and reaching $1.1 billion. These figures reflect South Australia’s global trade outreach and its ability to cater to diverse markets.
South Australia’s engagement with ASEAN countries has also been fruitful, with exports escalating to $4.99 billion. Specifically, exports to Thailand saw a significant 68 percent increase, reaching $1.1 billion, while trade with the Philippines grew by 2 percent, amounting to $919 million. This growth trajectory is supported by a recent announcement from the Australian Government about a $2 billion investment financing facility aimed at bolstering investment in Southeast Asia, highlighting the region’s strategic importance to South Australia’s export strategy.
The state’s proactive approach to fostering trade relations has been strengthened by the appointment of Martin Haese as the Special Envoy to Singapore and Southeast Asia for Trade and Investment. This move reflects South Australia’s commitment to enhancing its economic footprint in the region and leveraging ASEAN’s dynamic markets.
Nick Champion, South Australia’s Minister for Trade and Investment, expressed pride in the state’s export performance, stating, “South Australia’s exports are in high demand which is evidenced by our record merchandise exports of $18.02 billion and the fact that South Australia is the only state in the country to experience export growth.” He further emphasized the government’s dedication to economic diversity and the global demand for South Australia’s premium products across various sectors.
As South Australia continues to forge strong international trade relationships and explore new market opportunities, the SA Government has said it remains committed to supporting exporters and ensuring they are well-positioned to connect with opportunities worldwide.
