China the largest growth market for agricultural exports for the second year in a row in 2022-2023, led by a 66% increase in wheat exports
Australian agricultural exports have grown by $12.5bn to $80bn due to higher-than-average rainfall and high commodity prices, a new report has found.
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 Australian farmers could expect a smaller crop in 2023, which combined with a drop in commodity prices cold mean a decline in export prices .It is the second year in a row that China was the largest growth market, in dollar terms, for Australian agriculture. The prime minister, Anthony Albanese, has flagged he will visit China in the next few months as part of theRural Bank’s head of agribusiness development, Andrew Smith, said the value of exports to China rose by $3.
“There’s been that sort of demand particularly from south-east Asia to get grain close to home where they could ensure both supply but also reliability, so that really did stand out,” he said.
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