Record breaking primary industries and agribusiness revenue

South Australian Business News  •  Regional News
Anthony Caldwell
Thursday, February 22nd 2024

South Australian primary industries and agribusiness revenue have increased by 7% to a record $18.5 billion, according to a report released this week by the Department of Primary Industries and Regions. 

The Primary Industries Scorecard for 2022 – 2023 attributes the success to a record grain harvest with strong prices and rising exports.

According to the report, Indonesia became South Australia’s largest export market for agriculture and food exports, surpassing China. 

Clare Scriven, Minister for Primary Industries, Regional Development and Forestry says Primary industries and agribusinesses are vital to South Australia and a significant contributor to the state’s economy. 

Despite some ongoing challenges, these results clearly illustrate the sector’s resilience”.

The release of the Primary Industries Scorecard illustrates the resilience of the sector despite pressures such as inflation and rising interest rates, the slow global recovery from the COVID-19 pandemic and the war in Ukraine.

Other sectors to experience growth included forestry (5% to $1.46 billion) primarily attributed to the rise in the sale of wood products, while the dairy industry enjoyed a 34% increase in farmgate milk prices along with increased production and a rise in cheese exports. 

The seafood sector also enjoyed a 5% increase in value to $508 million, driven by price increases for southern rock lobsters (up by 8% to $53/​kg) and southern bluefin tuna (up by 13% to $15.25/kg).

Wool also recorded an upswing of $549 million in revenue, attributable to increases in export quantities and prices.

This growth led to a flow-on effect that increased the contribution of primary production activity (agriculture, forestry, and fishing) to the State’s economy (Gross State Product), up by 7% to $7.78 billion. 

The Scorecard includes the revenue, sales, exports and gross value production of primary industry sectors and associated processing such as field crops, livestock, horticulture, wine, seafood, dairy, forestry, wool, skins, seeds, and animal feed.

View the full scorecard results and interactive data dashboard here.

Author

Anthony Caldwell

Manager, Marketing, Media, Communications
Recent Articles
10 Jun 2024
Expressions of interest open for small business energy grants
6 Jun 2024
When is the right time to establish a Safety Committee?
6 Jun 2024
The importance of a good business plan and great mentor
6 Jun 2024
Dispute resolution with the Small Business Commissioner
6 Jun 2024
Updated: Another budget, another missed opportunity
6 Jun 2024
Why Luke Rogers is building his foundations in South Australia