This wholesale rise helped agricultural exports achieve a historical record high of $67.5 billion in collective value.
This is a 37 per cent increase on the ag export value in 2021-22, which was declared a ‘record high’ at the time.
These figures come from Rural Bank’s latest Australian Agriculture Trade report.
Rural Bank general manager Simon Dundon said factors such as a record winter crop, restricted global supply and the increasing demand for canola in biofuels and cooking oils were all driving the export value upwards.
“Cropping led the export charge with both volumes and average prices rising to drive an 82 per cent increase in the overall value of Australia’s cropping exports,” Mr Dundon said.
“Cotton export value rose by an incredible 250 per cent year-on-year in 2021-22 off the back of a 202 per cent increase in volume and 15.8 per cent increase in price.
Australia has also seen a “very strong” recovery in exports to China following the 2020-21 trade restrictions.”
China was the largest growth market in 2021-22 and retained its place as Australia’s most valuable market for the 12th year in a row.
The People’s Republic was followed by Japan (recording growth of 38.1 per cent) and the United States (growing more than 30 per cent).
“The American market continues to develop a taste for clean, green, premium produce, with the US toppling China as our number one market for exports of both Australian lamb and wine,” Mr Dundon said.
“In fact, diversification of export markets remained quite a theme for Australian agricultural exports in 2021-22,” Mr Dundon said.
Free trade deals with the United Kingdom and India alongside the resumption of free trade talks with the European Union have analysts predicting a good 2022-23 for Australian agricultural export values.
Victoria retained the crown as Australia’s biggest agricultural exporter and accounted for 26.5 per cent of national export value.
The state recorded a lift in value of $4.1 billion (+31.3 per cent), pushing Victorian ag exports to a record high $17.4 billion.
NSW ag export values rose $3.8 billion (+42.9 per cent) to reach $12.7 billion.
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