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, with its return honouring an election commitment of the Malinauskas Labor Government.
As put by Nick Champion
As positive relations continue to build with China, so too do our trade opportunities.
Our state has three trade and investment offices located in-market; Shanghai, Jinan and Guangzhou that support South Australian exporters, Chinese buyers and investors and we will continue to explore ways of strengthening ties with our biggest export partner.
The Premier’s important visit will continue to foster the exchange of ideas and trade between our people to support local jobs and industries.
Another record result for South Australia’s trade figures is testament to the hard work of South Australian farmers, miners and businesses fuelling our global reputation as the home of premium produce and a producer of world-class products.
