Overview
Key Export Markets
NSW Primary Industries’ exports achieved a second year of record-breaking growth in 2022-23. Following 64% growth in exports in 2021-22, in 2022-23 exports achieved a new record high of $13.1 billion, up 15% year on year.
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Exports are now double those achieved in 2021.
Exports by commodity
Significant increases in wheat, canola and cotton exports have been the biggest drivers of exports over the last 2 years. Record crop production has created a large increase in the exportable surplus. Large crops across the eastern seaboard have also created bottlenecks at many ports. This has meant that some northern and southern NSW production which would typically have been exported through ports in Queensland and/or Victoria for proximity reasons has instead been redirected to NSW ports in Newcastle and Port Kembla. Although crop production was lower in 2022-23, exports are higher as a result carryover stock from 2021-22 and higher prices.
For the 12 months to June 2023, exports of cotton have been the main driver of the increase in exports with value rising 96% to $2.9 billion.
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This reflects increased volumes as a result of the record crop in 2021-22 and another strong crop in 2022-23 as well as very strong export prices. With another large crop forecast in 2022-23, cotton exports are expected to remain strong next year. Wheat exports also remain very strong, up 13% year on year to $3.3 billion.
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This is 3.8 times the average level of over the last 10 years. Wheat export volumes are down 7% for the year however prices are up 21%.
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Whilst NSW wheat production was lower in 2022-23 relative to 2021-22, overall production remains very high relative to history.
Livestock exports are down 0.7% the year. 35 Increases in the volume of our major livestock exports, beef and sheepmeat, were offset by export price declines. Wool exports were stronger, up 6.5% for the year. 35
Export by Region
Exports to Asia have continued strong growth, up 22% to $9.7 billion for 2022-23.
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NSW Primary Industries' Exports, 12 months to June 2023 ($'million) 35 x y
- Asia
- Europe
- The Americas
- Middle East
- Africa
- Oceania
- Other
China is comfortably the largest export destination achieving export value of $3.7 billion, up 19% year on year thanks to a slight recovery in wool exports, an increase in beef exports and a significant increase in wheat exports.
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China was also the biggest contributor to export growth during the year.
Vietnam continues to emerge as a key export destination for NSW agricultural products. In 2023, exports to Vietnam increased 27% to $1.8 billion.
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The increase in exports to Vietnam have been driven primarily by wheat and cotton. Vietnam is now comfortably the largest destination for NSW cotton. Total exports to Vietnam are now 7 times the average level of exports prior to 2022.
NSW Primary Industries' Exports to Vietnam, 12 months to June ($'million) 35 x y
- Cotton
- Wheat
- Beef
- Other
The significant increases in exports of cotton and wheat also drove an increase in exports to India (cotton), the Philippines (wheat) and Bangladesh (cotton). Exports to Pakistan were also boosted by cotton but also chickpeas and canola. Exports to South Korea increased 33% to a new record high of $831 million. Traditionally an important export destination for beef, the growth in export to South Korea in 2023 was achieved due to a significant increase in exports of wheat and sheepmeat.
