Export value of leading agricultural commodities produced in Australia FY 2024

Beef and veal were Australia’s leading agricultural export products, at a value of 12.4 billion Australian dollars in the financial year 2024. Australia is also a popular exporter of wheat, the export value of which equaled 9.87 billion Australian dollars in the same year. 

Beef as a major agricultural export 

In terms of domestic production, Queensland was the largest beef-producing state, with production of both grass and grain-fed beef common. Surprisingly, the forecasted per capita consumption of beef in Australia was expected to decrease over the next few years. While local demand may drop, the global meat demand will likely more than compensate for the difference. In fact, Australia already exports the majority of the meat it produces. The primary export markets for beef include the United States, China, and Japan.

Future challenges

With Australia looking set to establish itself as an even bigger contributor to the global market, adoption of new technologies will be important to ensure production can keep up with demand. Challenges revolve around having a large enough semi-skilled workforce, accurately forecasting yield and harvest timings, and reliance on seasonal workers. Agriculture technology, or AgriTech, may hold the solutions. Globally, the value of smart farming looks set to expand to a multi-billion-dollar market. Australia may need to quicken the pace of AgriTech adoption to stay competitive in this market.