China turnaround drives record export result
The continued stabilisation of South Australian and China relations has proved pivotal as the State records its best-ever export figures, booming to a record $17.8 billion.
The record new export figures reflect a 27 per cent increase in the 12 months to May 2023, surpassing the previous record high recorded last month of $17.5 billion.
China is South Australia’s number one export destination for merchandise, totalling $2.8 billion in value, a 48 per cent increase on the preceding year. The strong turnaround follows a low of $1.85 billion to the year ending June 2022.
Demand for South Australian commodities fuelled China growth, led by iron ore and concentrates ($1.07 billion export value), refined copper ($713 million), wheat ($315 million), petroleum products ($157 million) and almonds ($120 million).
China is the State’s largest destination for iron ore and concentrates. Both volume and value have increased, up 31 per cent and 38 per cent respectively. This growth comes as the export value from Western Australia, the largest supplier of iron ore and concentrates to China, has declined.
China is also South Australia’s number one destination for almonds – now 150 per cent larger than the same period in 2020 – and the State’s biggest market for the food, wine, and agriculture sector, ahead of the United States and Indonesia.
The release of export figures coincides with the announcement of Premier Peter Malinauskas’ official visit to China in September – the first by a South Australian Premier since October 2019 – as he leads a business delegation including representatives from the State’s university, education, wine, agriculture, aquaculture, tourism, and trade sectors.
While in China the Premier will advocate for the easing of trade blockages affecting South Australian exports including wine and Southern Rock Lobster, following progress made over the lifting of duties on Australian barley.
Globally, wheat continues to be the main driver of South Australia’s boom – up 76 per cent, to $2.9 billion, with local producers entering new markets in India, Jordan, Iran, Mauritius, Tunisia, Rwanda and Burundi following a record crop harvest, the war in Ukraine and drought conditions impacting other supply markets.
The record export stats come days after it was revealed the State’s investment agency, Invest SA, had helped attract $1 billion into the State in its first year.
The record new export figures reflect a 27 per cent increase in the 12 months to May 2023, surpassing the previous record high recorded last month of $17.5 billion.
China is South Australia’s number one export destination for merchandise, totalling $2.8 billion in value, a 48 per cent increase on the preceding year. The strong turnaround follows a low of $1.85 billion to the year ending June 2022.
Demand for South Australian commodities fuelled China growth, led by iron ore and concentrates ($1.07 billion export value), refined copper ($713 million), wheat ($315 million), petroleum products ($157 million) and almonds ($120 million).
China is the State’s largest destination for iron ore and concentrates. Both volume and value have increased, up 31 per cent and 38 per cent respectively. This growth comes as the export value from Western Australia, the largest supplier of iron ore and concentrates to China, has declined.
China is also South Australia’s number one destination for almonds – now 150 per cent larger than the same period in 2020 – and the State’s biggest market for the food, wine, and agriculture sector, ahead of the United States and Indonesia.
The release of export figures coincides with the announcement of Premier Peter Malinauskas’ official visit to China in September – the first by a South Australian Premier since October 2019 – as he leads a business delegation including representatives from the State’s university, education, wine, agriculture, aquaculture, tourism, and trade sectors.
While in China the Premier will advocate for the easing of trade blockages affecting South Australian exports including wine and Southern Rock Lobster, following progress made over the lifting of duties on Australian barley.
Globally, wheat continues to be the main driver of South Australia’s boom – up 76 per cent, to $2.9 billion, with local producers entering new markets in India, Jordan, Iran, Mauritius, Tunisia, Rwanda and Burundi following a record crop harvest, the war in Ukraine and drought conditions impacting other supply markets.
The record export stats come days after it was revealed the State’s investment agency, Invest SA, had helped attract $1 billion into the State in its first year.