Asia markets drive another record export high

09 Mar 2023
South Australian exports continue to boom, surging to a record $16.5 billion following continued strong growth throughout Asia – as the State’s biggest export market, China, sees a consecutive period of growth.  
The highest-ever export figure represents a 24 per cent increase in the 12 months to January 2023 and tops the previous record of $16.4 billion to the year ending December 2022. 
Driving the growth was exports to China which – for the second month in a row – recorded an increase in the 12-month period, up 18 per cent to $2.32 billion. This follows a steady recovery since the low of $1.85 billion to the year ending June 2022.
Malaysia, the State’s third largest destination market, also experienced significant growth (up 46 per cent to $1.36 billion) while other key Asian markets also performed well, including South Korea (up 96 per cent) and the Philippines (up 20 per cent).  
South Australia’s trading relationship with Asia goes from strength to strength with two of South Australia’s top three export markets and eight of the State’s top ten largest trading partners hailing from Asia, highlighting the region’s importance to the State’s economic prosperity as the war in Ukraine continues to impact global supply.
Rising demand for refined copper (up 63 per cent to $2.4 billion), wheat (up 63 per cent to $2.4 billion) and wine (up 3 per cent to $1.3 billion) largely fuelled SA’s growth, as well increases in canola (up 146 per cent) and lentils (up 107 per cent).
Notably, Japan – the world’s third largest economy – recorded a significant increase in the value of canola exports (up 369 per cent) as well as bluefin tuna, while meat and dairy products proved popular in Asia’s ‘trade gateway’, Singapore.
The export results coincide with this month’s Australian Crop Report showing winter crop production in South Australia is estimated to reach a new record of 12.6 million tonnes, 19 per cent higher than the previous record in 2016-17.