Posted on August, 6, 2024 at 10:00 am
Grain shipments from the Port of Melbourne reached a record 3.37 million tonnes in fiscal year 2024, which ended June 30, up 5% year-on-year.
Grains – which include wheat, barley, canola, malt, cereals, and oats – are the largest container export commodity at Port of Melbourne, making up 30% of total shipments in FY24. Grain exports have experienced a 36% compound annual growth rate from FY19-24, the port said.
At 2.07 million tonnes, wheat was the single largest grain exported in FY24 and 19% of total exports, followed by barley (688,000), canola (248,000), malt (206,000), and cereals and oats (162,000).
In FY19, grain exports experienced a downturn attributed to drought conditions, dropping to 700,000 tonnes. Grain exports have since experienced a resurgence, supported by growing volumes to China, Indonesia and Vietnam. Of total grain exports, 49% are destined for these three countries. Other major grain destinations include the Philippines, Japan, New Zealand, Malaysia, and Thailand.
China in particular has emerged as a dominant importer of the port’s grains. From FY23 to FY24, grain shipments from Port of Melbourne to China experienced 77% year-on-year growth.
“China’s position as the dominant importer underscores the strategic importance of this trade relationship, with barley showing the strongest percentage growth year-on-year across all grain commodities,” said Leatrice Treharne, head of business development, Port of Melbourne.
Agricultural exports play an important role in the southeast state of Victoria’s economy, representing 7 of the 10 largest container export commodities.
“Port of Melbourne looks forward to continuing to work with our grain growers, exporters, and supply chain partners, whose commitment to supplying quality grains to global markets contributes significantly to the prosperity of our state and national economy,” Treharne said.
Source: World Grain