Agricultural exports surge $5 billion

Bendigo Bank’s Australian Agricultural Exports Report FY24/25 finds that the value of Australian agricultural exports surged $5 billion to $77.2 billion with growth driven by a boom in the value of red meat exports to all-time highs. The strong result for the agricultural sector comes amidst the backdrop of a rapidly shifting global environment driven by ongoing efforts by the US to reshape trade.    

The result represents the second highest export year on record, following the record $79.2 billion in exports set in FY22/23. The agriculture sector now accounts for 15.1 per cent of Australia’s total exported goods, however the year ahead should see the value of agricultural exports record a modest decline in FY25/26 with the majority of sectors set to see a slight reduction in export value.   

China remained Australia’s largest agricultural export market in FY24/25, despite a marginal decline, accounting for 22.1 per cent of Australia’s total agricultural export value, while the US again recorded the largest year-on-year growth in exports during FY24/25, climbing a further 32.2 per cent to become our second largest export market by a significant margin. Export value to India also continues to surge, doubling to become our 6th largest export market. 

All states, except South Australia and Western Australia, recorded an increase in export value through FY24/25. Victoria recorded a fourth consecutive year of growth to cement its title as the number one export state by a large margin. Queensland maintained its position as the second largest exporter for a second consecutive season, New South Wales recorded the largest year on year increase in export value, with Tasmania rebounding with the value of exports lifting 9.3 per cent to a hefty $979.3 million.    

Neil Burgess, Bendigo Bank Agribusiness Senior Manager Industry Affairs said: “Growth in export value was led by a lift in the value of livestock exports with cattle exports smashing records, lifting almost 27 per cent to $18.6 billion. The value of sheep exports also increased $968 million to more than $6 billion, while horticultural exports hit a record $3.5 billion on the back of surging almond exports.   

“Cropping exports recorded comparatively modest growth, with a rise of $300 million amidst mixed production, with moderate growth in export value also recorded across the seafood, dairy, wine and fruit sectors. The cotton, sugar, wool, and vegetable sectors were the only major agricultural sectors to record declines in export value during FY24/25, each falling by between 3 and 17 per cent.                                            

“In FY25/26, we expect the largest decline in export value to be across the red meat sector, driven by lower volumes as favourable seasonal conditions see increased restocking and reduced slaughter rates. Winter crop production should be broadly in line with last season, although the value of cropping exports is forecast to see a slight decline due to reduced carryover stocks of barley and canola.   

“Despite the forecast decline in value, the outlook for Australian exports remains positive with the total value expected to remain well above the five-year average, enabling robust value creation across the agricultural supply chain. Australia has managed to capture a large portion of the additional US import demand for red meat, and this is expected to carry over in FY25/26,” Mr Burgess concluded.                   

Fast Facts and tables on a state by state, industry and export market basis  

State by State Snapshot  

All states except South Australia and Western Australia, recorded an increase in export value during FY24/25. Victoria recorded a fourth consecutive year of growth to retain its title of number one exporter by a large margin. Strong growth in livestock, dairy, wine and horticultural exports were the key drivers. 

Victoria remained Australia’s largest exporting state, recording an 11.1 per cent rise to a record $21.1 billion of agricultural exports as substantial cattle (+$1.3 billion), dairy (+$242 million) and horticultural (+$471 million) exports more than offset a $369 million decline in the value of cropping exports.  

Queensland recorded its fourth consecutive year of record export value. Queensland saw growth of $2.2 billion (+16.8 per cent) to maintain its position as the second largest exporter for a consecutive season with export value of $15.5 billion in FY24/25. Growth in exports from Queensland were unsurprisingly boosted by the cattle industry which saw a 20.7 per cent rise and accounted for 59 per cent of the state’s export value. Resurgent cropping exports were also seen across Queensland with the value of crop exports jumping 85.4 per cent following a challenging season in FY23/24.  

Western Australia recorded a decline for the second consecutive year, though this was a comparatively smaller decline, with overall export value falling $517.4 million (-4.0 per cent) to $12.5 billion. The bulk of this decline was driven by reduced cropping exports which fell by $554.8 million (-6.1 per cent) to $8.6 billion. This was partially offset by large increases in livestock, wine and seafood exports, which are now at record levels.  

New South Wales recorded the largest year-on-year increase in export value with the state seeing growth in exports across almost all commodity groups, led by cattle and cropping which rose by $1.9 billion and $530 million respectively. This resulted in a year-on-year rise of $3.1 billion (+25 per cent) to a record $15.5 billion.  

South Australia experienced the largest decline in export value of $982.4 million to $7.6 billion, as drought took its toll on crop production. Cropping exports fell by $1.9 billion while the livestock sector recorded significant growth. Cattle industry exports jumped $444.1 million to $805.9 million, while sheepmeat exports also increased by $149.4 million to $739.9 million. South Australian wine exports rose $216.9 million to $1.8 billion, the highest total since FY19/20. 

Tasmania recorded a rebound in export value after a challenging year in FY23/24 with exports rising by $83.1 million to $979.3 million. The growth was primarily driven by resurgent seafood exports (+$147.7 million) while growth in the dairy (+47.4 million) and sheepmeat ($31.1 million) sectors also added value to the state’s overall export picture.   

Northern Territory agricultural export value increased for the first time since FY19/20. A substantial increase in the quantity of live cattle exported to Indonesia and Vietnam drove a rise of $135 million (+44.4 per cent) in export value, taking the Territory's export value to its highest level since FY20/21.                                                      

Industry by Industry Snapshot   

Cattle Overview  

• The value of Australian cattle industry exports increased $3.9 billion (+27 per cent) in FY24/25 to a record high of $18.6 billion.  
• The primary driver of the growth in Australian beef export value was the increase of $2 billion (+58 per cent) to the US as the continued reduced US production led to stronger demand for Australian beef.   Indonesia lifted to the highest level on record at $1.4 billion and Canada doubled its imports to become Australia’s sixth largest export market by value.  
• Australia’s cattle sector export value and volume is forecast to see a marginal decline throughout FY25/26 despite global demand for Australian beef remaining at elevated levels. Improved seasonal conditions are expected to drive a rise in restocker demand and retention of cattle, limiting slaughter rates and supply.  

Cropping Overview  

• The value of Australian cropping exports was relatively stable in FY24/25 at $22.7 billion, a modest rise of 1.3 per cent from the previous year. Pulses achieved the strongest growth, with exports climbing 46.6 per cent to $3.9 billion underpinned by Indian demand.  
• Wheat and barley exports declined in FY24/25, but rising canola and chickpea shipments helped maintain overall cropping export values.  
• The outlook for Australian cropping exports in FY25/26 remains positive. Both volumes and values are expected to hold above five-year averages, underpinned by favourable production outlooks and firm demand across our key markets.  

Dairy Overview  

• The value of Australian dairy exports reached a record high $3.44 billion in FY24/25. This is up ten per cent year-on-year and 18.8 per cent above the five-year average.  
• While volumes were also up year-on-year for most products, elevated global pricing meant record or near record average export prices which drove gains in total value.  
• Dairy export value is forecast to decline to around $3 billion in FY25/26, still above five-year average of $2.9 billion.
  • Global dairy prices are forecast to remain rangebound, while reduced Australian supply will limit export volumes in the coming season.  

Horticulture Overview  

• The value of Australian horticultural exports surged $759.7 million (+27.8 per cent) to a record $3.5 billion in FY24/25. This is 31.5 per cent above the five-year average.    
• Growth was driven by the fruit and nut sectors amidst favourable supply and demand factors. A favourable trade environment provided a further boost to the demand side of the equation amidst an increasingly positive trade relationship with China and an Australian dollar that remains well below the five-year average. Potatoes were another bright spot, up 13 per cent for the fourth consecutive year of export growth.   
• The outlook for Australian horticultural exports remains broadly positive in FY25/26 despite an expected reduction in overall value on the back of reduced almond and macadamia stocks.                                   

Sheep Overview  

• The value of Australian sheepmeat exports lifted $925.5 million (+19.3 per cent) in FY24/25 to a record total of $5.7 billion with a record $1.4 billion of lamb landed in the US.    
• Export value was driven higher by a sharp increase in mutton volume, particularly to China, while the average export unit prices of both lamb and mutton were significantly firmer this financial year.   
• Australian sheepmeat exports are expected to be relatively steady in FY25/26, with the forecast decline in volume being mostly offset by an increase in prices.  

Wool Overview  

• The value of Australian wool exports fell $298.7 million (-10.6 per cent) in FY24/25 to a total of $2.5 billion.  
• Despite prices generally increasing across the year, sluggish demand and reduced wool production saw export value decline for a third consecutive year. 
• With wool production volumes predicted to drop to their lowest levels in over a century, wool exports are set to see another decline in value in FY25/26. Although prices have risen to start the season, it is not enough to offset the lower volumes and pressure from currency exchange fluctuations. 

FY24/25

The Bendigo Bank Agribusiness Australian Agricultural Export Report FY24/25 focuses on the value and volume of Australian agriculture to major global markets on a national, state, and commodity level.  

You can view the full report with all the details and market movements in the Knowledge and Insights section of the Bendigo Bank Agribusiness website. 

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