China remains largest market for Australia's agriculture exports: report

SYDNEY, Sept. 12 (Xinhua) -- China was the largest market for Australia's agricultural products in the 2022-23 financial year, with the value of exports reaching a new high, a report has found.

In its summary of Australian agricultural exports released on Tuesday, the Rural Bank noted that while Australia's top 13 export markets recorded year-on-year growth, China remained the largest growth market for the second year in a row.

According to the yearly report, the value of exports to China rose 3.1 billion Australian dollars (1.98 billion U.S. dollars), or 22.7 percent, in 2022-23 financial year (July 2022-June 2023) to a record high of 16.6 billion Australian dollars.

Over the past two financial years, exports to China have risen by 5.9 billion Australian dollars, or 54.7 percent, following a drop in 2020-21.

The financial institution, which mainly provided service to Australian farmers, found that the growth to China during 2022-23 was driven by a 66-percent jump in wheat exports, with increases also seen in beef, almonds and cotton.

Though Japan and the United States retained their places as Australian agriculture's second and third biggest markets, both saw modest growth of less than 10 percent, it added.

Citing data from Global Trade Atlas, the Rural Bank estimated that export value to Japan climbed slightly to 2.2 billion Australian dollars in 2022-23, as growth in crop exports was offset by reduced beef export value.

Meanwhile, exports to the United States saw an increase of 451 million Australian dollars to reach 5.6 billion Australian dollars due to a rise in beef export value but declines in the value of sheep meat and wine exports. (1 Australian dollar equals about 0.64 U.S. dollars)