For the second consecutive month, South Australia is leading the nation in export growth. The latest data from the Australian Bureau of Statistics (ABS) reveals that South Australia’s export growth has surged by an impressive 14%, leaving Australia’s overall export figures lagging far behind with a mere 2.5% growth.
“The work undertaken by the Government to build and expand a cohesive international footprint re-engaging in the post pandemic world continues to pay dividends,” Minister for Trade and Investment Nick Champion says.
“South Australia is not only leading the nation in overall export growth, but we are also increasing the presence of our goods in key global markets.
“Off the back of our hard-working South Australians across the mining, agriculture, and business sectors, the State continues to be in position to take advantage of the geo-political uncertainty.”
What’s driving this remarkable growth? Key Asian markets have played a pivotal role, propelling South Australia to the forefront of the export scene. Our state is one of only two states that have recorded an increase in export figures for the year ending September 2023, surpassing Western Australia’s growth rate of 8.9%.
India has emerged as a vital export destination for the state, with exports surging by 11% to reach a substantial $1.1 billion over the past year.
This strong performance sets the stage for Trade and Investment Minister Nick Champion’s upcoming trade mission to India this month, marking the first visit by a South Australian Minister to the country since 2017.
The visit aims to leverage the benefits of the Australia-India Economic Co-operation and Trade Agreement (AI-ECTA), which came into effect on December 29, 2022, removing tariffs on a vast majority of exports.
India, ranking as South Australia’s fifth-largest market, has witnessed significant growth in lentils (up 231% to $505 million), almonds (up 770% to $10 million), wheat (renewed imports totalling $33.8 million), and a staggering spike in beans (up 1,603%).
China remains South Australia’s number one export destination, experiencing robust growth of 44% to reach $2.9 billion. This growth is driven by increased demand for South Australian iron ore and concentrates (up 40% to $1.1 billion), almonds (up 17% to $111 million), and cheese (up an astonishing 300%).
The positive trend in South Australia’s exports to China follows the removal of trade impediments on products like hay and barley, along with a five-month review of tariffs on Australian wine. Barley, which re-entered the Chinese market after impediments were lifted, has surged to $12.4 million, approaching export levels last seen in May 2020.
South Australian exporters are poised to build on this momentum at the China International Import Expo, where they will showcase the state’s premium produce at one of the world’s largest trade events. Notably, four of South Australia’s top five export destinations are in Asia, including Malaysia (up 7% to $1.3 billion) and Thailand (up 91% to $1.1 billion).
As South Australia continues to outshine the nation in export growth, its strong presence in Asian markets and the removal of trade barriers promise a bright future for the state’s economy and its exporters.
“Opportunities in our region abound, and our State’s continued growth demonstrates the desire for South Australia’s products internationally,” Champion says.
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