Port of Melbourne grain exports hit historic high
Published by David Bizley,
Senior Editor
Dry Bulk,
Agricultural exports play a critical role in Victoria’s economy, representing seven of the ten largest container export commodities from Port of Melbourne. Grains – which include wheat, barley, canola, malt, cereals, and oats – comprise the largest container export commodity at Port of Melbourne. Of this commodity group, wheat took the lead with 42 000 TEU (Twenty-Foot Equivalent Units) leaving the Port in 2024.
Significantly, grain exports experienced a 36 per cent compound annual growth rate (CAGR) from FY19 to FY24, representing the biggest volume of grain exports in the Port’s history. At its peak, in FY24, 3.37 million metric t of grains were exported through Port of Melbourne, securing a 30% share of exports at the Port.
In FY19, grain exports experienced a downturn attributed to drought conditions – dropping to 0.7 million metric t. Grain exports have since experienced a robust resurgence, supported by growing export volumes to China, Indonesia, and Vietnam. 49% of total grain exports are destined for these three countries.
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 a 77% year-on-year growth. Other major grain importers include Indonesia, Vietnam, Philippines, Japan, New Zealand, Malaysia, and Thailand, cumulatively taking a 47% share of total grain exports from Port of Melbourne.
Port of Melbourne Head of Business Development, Leatrice Treharne, said:
“Year-on-year FY23 to FY24, Port of Melbourne has seen a 5% uplift in grain exports, with grain remaining our number one export commodity at 30% of total exports through the Port. 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.”
“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.”
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Read the article online at: https://www.drybulkmagazine.com/ports-terminals/07082024/port-of-melbourne-grain-exports-hit-historic-high/
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