South Australia’s Record Exports Crack $18 Billion
South Australia’s merchandise exports have hit a record high of $18.02 billion with the state outpacing the nation as the only jurisdiction to experience export growth, up 8.7 per cent in the year to January 2024.
The record export result is a major achievement for the SA economy and follows the ANZ’s Stateometer report for economic performance (to December 2023) which found South Australia’s economy continued to consistently outperform the national average.
Ahead of the South Australian Government’s trade mission to China next week, China remains South Australia’s largest trading partner with merchandise exports up 51.6 per cent to $3.6 billion – the highest figure on record.
The United States is South Australia’s second highest trading partner, with a 22 per cent increase to $1.8 billion. It experienced growth alongside India, up 12 per cent to $1.1 billion.
Our state's exports to ASEAN countries continued to grow to $4.99 billion, Thailand up 68 per cent to $1.1 billion and the Philippines up 2 per cent to $919 million.
Earlier this week, the Australian Government announced a $2 billion investment financing facility to boost investment in Southeast Asia as part of a suite of economic initiatives announced at the ASEAN-Australia Special Summit.
South Australia has longstanding relationships with ASEAN, with Martin Haese appointed as the Special Envoy to Singapore and Southeast Asia for Trade and Investment.
Quotes
Attributable to Nick Champion
South Australia’s exports are in high demand which is evidenced by our record merchandise exports of $18.02 billion and the fact that South Australia is the only state in the country to experience export growth.
Our continued commitment to creating a state that has economic complexity is paying dividends and the demand for our premium products across all sectors is supporting that growth.
The South Australian Government will continue to work for, and on behalf, of our exporters to ensure they are connected to opportunities around the world.