Biggest Exporting Industries in Australia in 2024

1. Iron Ore Mining in Australia

Exports for 2024: $119.9B

Iron ore miners have benefited from major increases in iron ore prices, and modest growth in production volumes over the past five years. Iron ore revenue is expected to increase at an annualised 8.1% over the five years through 2022-23, to total an estimated $124.1 billion. Strong demand from China and disruptions to iron ore producers in Brazil prior to, and during the COVID-19 pandemic, sent iron ore prices soaring. Iron ore prices are projected to fall in 2022-23, prompting iron ore revenue to drop an estimated 16.2% over the year.

Over the past decade, strong economic growth in China has... Learn More

2. Coal Mining in Australia

Exports for 2024: $91.7B

Coal is a key input in steelmaking and energy generation. Although coal deposits are found all over the world, Australia is one of the world's lowest cost producers and a major coal exporter. Domestic reserves exceed domestic demand, are high grade and economical to access. As a result, exports account for a large share of coal mining revenue. Imports are negligible, as local production is higher than domestic demand for coal. Black coal mining accounts for most activity, with some brown coal used domestically for electricity generation in Victoria.

Coal mining revenue is expected to grow at an annualised 14.6% over... Learn More

3. Oil and Gas Extraction in Australia

Exports for 2024: $76.8B

Oil and gas producers have experienced significant revenue volatility. Changes in oil and gas prices, exchange rate movements, annual production volumes, and domestic and export demand for oil and gas all influence performance. Output has expanded over the past decade, while world oil and natural gas prices have displayed significant volatility.

Australia's natural gas production, which makes up most of the industry has soared over the past decade as new gas fields have been developed to feed Australia's liquefied natural gas (LNG) facilities. Global trade in LNG has expanded with growing demand for LNG in Asian markets and weakness in the... Learn More

4. Liquefied Natural Gas Production in Australia

Exports for 2024: $72.6B

Liquefied natural gas (LNG) production has rapidly expanded, as project development has increased the scale and production capacity of the industry. Australian liquefied natural gas (LNG) exports have increased from 20.0 million tonnes in 2010-11 to 80.9 million tonnes in 2022-23. LNG revenue is expected to rise at an annualised 20.7% over the five years through 2022-23, to $90.3 billion.

The wave of project development that occurred across the industry over the past decade has now concluded. Ten LNG facilities are now operational, including the Prelude and Ichthys projects, which shipped their first cargoes in 2018-19. Together, the industry's 10 LNG... Learn More

5. Gold and Other Non-Ferrous Metal Processing in Australia

Exports for 2024: $23.7B

Refined gold volumes are anticipated to total 283.5 tonnes in 2023-24, down from 293.0 tonnes in 2018-19. Despite strong gold demand, refining volumes dropped off as production was hamstrung by border closures and restrictions.

Surging gold prices and lithium hydroxide production have outweighed reduced refined gold volumes, leading to strong revenue growth. Industry revenue is anticipated to increase at an annualised 18.1% over the five years through 2023-24, to total $52.9 billion. Much of this surge was in 2022-23, due to the rapid expansion of lithium hydroxide processing. Growth is expected to drop to 2.7% in 2023-24, as gold prices ease... Learn More

6. Meat Processing in Australia

Exports for 2024: $20.9B

The Meat Processing industry has been enduring a period of decline. Volatile production volumes and labour shortages caused by the COVID-19 pandemic have constrained meat processing operations at times. Demand from export markets has remained strong, despite exports heavily weakening in 2020-21, caused by a dip in demand from China. Australian meat exporters found new homes for their products, mainly in South Korea. But, just as export revenue resurged in 2021-22, import competition intensified, causing a revenue shortfall in that year.

Strong export demand and herd rebuilding activity have caused meat shortages, driving up domestic beef and sheep meat prices. Escalating... Learn More

7. Grain Growing in Australia

Exports for 2024: $14.8B

Grain growing in Australia is export-oriented and produces wheat, barley, canola, other grains and oilseeds. Revenue has fluctuated over the past five years, due to volatile weather conditions, global grain prices and crop supplies. Revenue is expected to grow at an annual average rate of 17.3% over the five years through 2022-23, to reach an estimated $27.7 billion. As Russia is a major producer of fertiliser, a key industry input, its price has significantly risen in 2021-22 due to the Russia-Ukraine conflict. Industry profitability has therefore fallen over the period as purchase costs have increased. However, higher output volumes due... Learn More

8. Copper, Silver, Lead and Zinc Smelting and Refining in Australia

Exports for 2024: $7.8B

The Copper, Silver, Lead and Zinc Smelting and Refining industry has faced volatile conditions over recent years due to volatile pricing and refineries generating a high proportion of industry revenue by providing refining and smelting services to mining companies as a third-party service. As mining companies can export ore concentrate overseas to be refined, industry firms that service mining companies need to be price and service competitive. Industry volumes and revenue are greatly influenced by changes in demand for smelting and refining services and the production output of mining companies that also operate in the industry. Overall, industry revenue is... Learn More

9. Copper Ore Mining in Australia

Exports for 2024: $7.5B

Copper mining revenue is expected to increase at an annualised 3.8% over the five years through 2023-24, to an estimated $9.8 billion. This strong growth is due to higher copper prices, and stronger demand growth from China for copper used in construction, communications and manufacturing. Copper prices have risen as global copper demand has increased, and production has weakened. Highly advanced economies, such as Japan, have also supported demand growth through higher domestic production volumes. Australia is one of the world's major copper mining countries, behind Chile, Peru, China, Democratic Republic of Congo, and the United States.

Australia's copper ore production... Learn More

10. Battery Material Mining in Australia

Exports for 2024: $6.1B

Battery material mining revenue has soared, as battery manufacturers have sought to lock in supply to meet surging demand. Rising demand for electric vehicles has led global automakers to offer a growing range of electric vehicles, particularly in China. The supply of battery materials has become increasingly tight, driving demand for Australian battery material exports. Overall, industry revenue has grown at an annualised 55.9% over the past five years, to $16.9 billion. This includes a rise of 198.6% in 2022-23, as lithium export prices skyrocket.

Several new enterprises have entered the industry by developing lithium mines in Western Australia. These firms... Learn More