SA tops nation with record high exports

South Australia’s export market continues to grow, with the state registering record exports valued at $17.93 billion for the year ending December 2023.

South Australia’s export sector has secured its position as a powerhouse in the Australian economy. The latest figures reveal that the state has achieved record-breaking exports worth $17.93 billion in the year ending December 2023.

The standout achievement for South Australia is its 8.5% year-on-year growth rate, the highest in the country. This surge in exports stands in stark contrast to other states and territories, most of which have recorded declines in their monthly export figures. Only Western Australia joins South Australia in positive territory, with a modest 1.1% increase.

This export milestone comes hot on the heels of the CommSec State of the States report, which ranked South Australia as the number one economy in Australia. The state outperformed all others in key areas such as Economic Growth, Unemployment, Construction Work, and Dwelling Starts.

One of the key drivers behind South Australia’s export success is its strategic investment in the growing Southeast Asia export markets. The state’s exports to the region have grown by 30%, cementing its position as a preferred trading partner.

“South Australia’s merchandise exports continue to be in high demand around the world, with the value reaching a record $17.93 billion,” Minister for Trade and Investment Nick Champion says.

“More of our closest neighbours are getting to experience our premium products for themselves.”

Some of South Australia’s closest neighbours are driving the state’s merchandise exports with increases in markets such as Thailand, up 69.9 per cent, Indonesia, up 42.8 per cent and Vietnam, up 26.6 per cent.

Malaysia remained South Australia’s third largest export market, worth $1.26 billion and Thailand is the state’s fifth largest market, valued at $1.1 billion.

The Philippines has become South Australia’s sixth largest merchandise market, overtaking Indonesia, with exports topping $903 million.

When combined, South Australia’s exports to Malaysia, Thailand, Indonesia, Vietnam, and the Philippines amount to a substantial $4.7 billion.

In March 2023, the South Australian Government appointed Martin Haese as the State Government’s Trade and Investment Special Envoy to Singapore and Southeast Asia to deepen trade relationships with the region and to kickstart more investment opportunities.

Mr Haese hosted Premier Peter Malinauskas during his visit to Singapore last September, meeting with key government officials, multinational trading businesses, and key investors.

“South Australia’s offices in Malaysia and Singapore, along with Martin Haese as Special Envoy to Singapore and Southeast Asia, are supporting our state’s exporters to win in the market,” Champion says.

“This Government is working incredibly hard on behalf of our producers to attract Southeast Asian investors to our state, and to increase our exports to the region.”

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