Australia’s agricultural exports surged by $5 billion to reach $77.2 billion in FY24/25, fuelled by record highs in red meat and a wave of demand from new and expanding markets. Bendigo Bank’s Australian Agricultural Exports Report shows India has emerged as a key player, with exports to the country doubling to make it Australia’s sixth largest agricultural export market.
The result marks the second highest export year on record, just shy of the $79.2 billion peak in FY22/23. Agriculture now accounts for 15.1 per cent of the country’s total exports. While a slight dip is forecast for FY25/26, analysts say the sector remains well above the five-year average and continues to generate strong value across the supply chain.
China maintained its position as Australia’s largest market, taking in 22.1 per cent of exports, while the United States recorded the biggest year-on-year surge, up 32.2 per cent. But the standout story is India’s accelerating appetite for Australian produce, particularly in pulses and livestock, underscoring how trade diversification is reshaping export flows.
Victoria retained its crown as the country’s dominant exporter, lifting agricultural exports by 11.1 per cent to a record $21.1 billion, its fourth straight year of growth. Strong cattle, dairy and horticultural sales helped offset weaker cropping. Queensland also posted another record, with $15.5 billion in exports, while New South Wales saw the largest jump of any state, rising 25 per cent to also reach $15.5 billion.
Neil Burgess, Bendigo Bank Agribusiness Senior Manager Industry Affairs, said livestock was the clear driver. “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,” he said.
Pulse exports, which rose nearly 47 per cent to $3.9 billion, were heavily underpinned by Indian demand. The report notes that while wheat and barley eased, chickpea and canola shipments helped keep cropping exports stable at $22.7 billion. India’s growth as a market has been particularly important for Australian pulse farmers, with the country’s dietary reliance on legumes aligning with rising middle-class demand.
Across other industries, dairy exports reached a record $3.44 billion, wine rebounded strongly in states such as South Australia, and Tasmania saw a revival led by seafood. The Northern Territory also recorded its first increase in agricultural export value since 2019/20, driven by live cattle sales to Indonesia and Vietnam.
Looking ahead, Burgess expects some moderation. “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,” he said. “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.”
The strong trade figures reflect how Australian agriculture has been able to adjust to shifts in global demand, particularly in meat and pulses. For India, now firmly among the top ten export destinations, the trend points to a deeper role in Australia’s agricultural future.
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