Key Export Markets

NSW Primary Industries' exports year to June ($'million) ^x ^y

Download data (.XLSX)

Source: GTA (2024)

NSW Primary Industries’ exports declined from record high levels in 2023-24. Exports were down 16% to $11 billion primarily due to a significant decline in wheat exports.⁷⁹^x^y Wheat production was down in NSW in 2023-24 and there were also lower levels of carry over stock for export and lower prices. However, livestock exports reached a new record high and overall exports were 37% above the 10-year average.⁷⁹

Exports by commodity

Exports by sector ^x ^y

Download data (.XLSX)

Source: GTA (2024)

Livestock exports reached a new record high of $4.9 billion, up 5% primarily due to a 19% increase in beef exports to $2.3 billion.⁷⁹ Sheepmeat exports also reached a record high in volume terms increasing 16% to 170 thousand tonnes, however a 21% fall in export prices pushed the value of exports down 4% to $1.3 billion.⁷⁹ It is also likely that significant volumes of NSW grown sheepmeat were slaughtered and exported through Victoria given a 37% increase in export volumes through Victorian ports and an increase in processing capacity in southern NSW and Victoria during the year.

A large fall in wheat exports resulted in broadacre crop exports falling 29% to $5.7 billion.⁷⁹^x^y Whilst the fall in exports was significant, 2023-24 broadacre crop exports were the third highest on record and 58% above the 10-year average. Wheat exports fell 66% to $1.1 billion due to lower volumes and price.⁷⁹ NSW wheat exports have been unusually high over the last two years as a result of three successive record high crops creating a large exportable surplus. However, in 2023-24 wheat production fell 33% from record high levels to average levels. Exports fell by more than production as NSW has a high level of domestic consumption which can make the volume of excess stock available for export volatile. There has also been high carry over stock levels in prior years due to port congestion. Partially offsetting lower wheat exports, cotton exports reached a new record high of $2.9 billion and oilseed exports increased 7% to $928 million.⁷⁹^x

NSW Primary Industries' change in export value by commodity ^x ^y

Download data (.XLSX)

Source: GTA (2024)

Exports by Region

NSW Primary Industries' exports by Region ($'million) ^x ^y

Asia
The Americas
Europe
Middle East
Oceania
Africa
Other

Download data (.XLSX)

Source: GTA (2024)

Asia remains the most important region for NSW’s primary industries exports. Exports to the region declined 20% to $7.8 billion primarily due to lower wheat exports.⁷⁹^x^y However higher exports of cotton and beef helped offset lower wheat exports. Significantly higher beef exports to the United States resulted in record exports to the America’s which became the second largest export region, ahead of Europe. Exports to the Americas increased 52% to $1.2 billion.⁷⁹ Exports to Europe fell primarily due to lower cotton and wool exports and a small fall in oilseed exports. As China ended its unofficial ban on Australian cotton, some cotton exports were redirected away from Europe to meet the new Chinese demand.

Although lower wheat sales resulted in lower exports to China, down 7% to $3.4 billion, it remains NSW’s largest export market for primary industries, accounting for 32% of all exports.⁷⁹ Wheat exports to China fell 80% to $172 million.⁷⁹ However, a significant recovery in cotton exports helped offset this decline. The end of an unofficial Chinese ban on Australian cotton resulted in a 590% surge in cotton exports to $778 million.⁷⁹^x Beef exports also increased 7% to a new record high of $862 million.⁷⁹ The increase in cotton exports to China did impact exports to other large cotton buyers such as Vietnam, Pakistan and Turkey.^x Exports to the United States increased 50% to $1 billion, a new record high as beef exports increased 117% to $480 million.⁷⁹ Sheepmeat exports to the US also increased 25% to $400 million.⁷⁹ A lower Australian dollar relative to the US dollar improved affordability of Australian red meat in the US at the same time US domestic beef production was declining.