South Australia is the only state in the nation to grow its exports according to latest trade stats as trade with China continues to soar – up nearly 40 per cent year-on-year.
The state’s merchandise exports reached $17.7 billion in the year to March 2024, growing by 2.8 per cent, against a nationwide decrease of 10 per cent over the same period.
This is the eighth consecutive month that South Australia’s export growth has outpaced the nation, and the third consecutive month as the only state to experience export growth.
China remained the state’s largest export destination, up 39 per cent year-on-year to $3.62 billion. The United States continues to be the state’s second largest export destination, up 23 per cent to $1.9 billion with Malaysia once again, our third largest export destination at $1.2 billion.
The South Australian Government hopes to see this strong result strengthened by China’s decision in March to remove all remaining trade barriers on Australian wine. Concerted efforts by both the State and Federal Governments to stabilise the trading relationship between the two nations is now bearing fruit.
On 30 March, Premier Malinauskas announced a $1.85 million China Re-Engagement Support Package for South Australian wine exporters and grape growers – giving the state’s wine businesses the support and advice they need to confidently re-enter the large and dynamic market of China.
There were strong export results across Southeast Asia with Vietnam, Indonesia and Thailand experiencing export uplifts of 31, 30 and 29 per cent respectively.
As put by Joe Szakacs
South Australia’s merchandise exports are once again leading the way in export growth, up 2.8 per cent on the previous year.
For the third month in a row, South Australia is the only state in the country to record export growth.
And at the heart of our state’s export success is more jobs, more prosperity and stronger regional communities.
Our state’s resilience, while the rest of the nation fights off decreasing exports, is a testament to South Australia’s growers and producers that continue to produce world-class goods that are highly sought after globally.
Our wine industry is well placed to capitalise on China’s removal of its tariffs on imported Australian wine which, in October 2020 prior to the introduction of tariffs, was valued at $946.5 million.
