Industries with the Biggest Decline in Exports in Australia in 2023

1. Bottled Water Manufacturing in Australia

Decline in Exports for 2023: -70.2%

Operators in the Bottled Water Manufacturing industry have faced several challenges over the past five years. Industry revenue is expected to fall at an annualised 2.0% over the five years through 2022-23, to $742.4 million. This includes an anticipated decline of 0.7% in the current year, due to weakening consumer sentiment creating a drag on spending. Reduced demand for convenient bottled water as workers opt to work from home and weaker economic conditions impairing discretionary spending have constrained industry revenue growth. Meanwhile, rising cost pressures have put downwards pressure on industry profit margins.

Over the past five years, industry operators have... Learn More

2. Sheep Farming in Australia

Decline in Exports for 2023: -23.9%

Variations in turn-off rates and wool production volumes have seen sheep farming revenue fluctuate but fall overall. Farmers have continued to focus on export markets to expand revenue in recent years. However, prolonged pandemic lockdowns in China have weakened demand for wool, leading to an oversupply and lower prices. Sheep farming revenue is expected to drop at an average annual rate of 4.1% over the five years through 2022-23, to total $3.1 billion. Revenue is anticipated to plunge by 9.8% in the current year, driven by a sharp drop in the prices of sheep, lambs and wool.

Australia's total sheep flock... Learn More

3. Prefabricated Wooden Building Manufacturing in Australia

Decline in Exports for 2023: -23.1%

The Prefabricated Wooden Building Manufacturing industry is one of the smallest in Australia's Manufacturing division. Over the long term, the industry's products have steadily lost ground to substitute products manufactured using metal, PVC and fibre cement building materials. Metal building products have captured the dominant position in the mining and infrastructure markets and also have an increasing presence in the household building market, particularly prefabricated metal garden sheds and carports. However, the industry continues to hold a leading position in the household, recreation and backyard building markets. Industry firms manufacture products such as granny flats, cubby houses, kit homes, kennels... Learn More

4. Nursery Production in Australia

Decline in Exports for 2023: -21.4%

Rising price-based competition from hardware stores has eroded the market power of the nursery production industry. Moreover, scattered variations in annual rainfall year to year have affected the production volume and quality of outdoor nursery products. Subdued activity from new dwelling commencements that typically require landscaping has weighed on industry demand. Homebuyers have gradually shifted towards higher-density living, slowing demand for outdoor plants. The rising popularity of indoor and patio plants has upheld nursery production. Also, the demand for bedding and vegetable plants escalated following the outbreak of COVID-19, as many individuals used stay-at-home orders to undertake DIY projects. The... Learn More

5. Butter and Dairy Product Manufacturing in Australia

Decline in Exports for 2023: -20.9%

Butter and other dairy product manufacturers have faced challenging conditions over the past five years. Global dairy prices have been volatile over the period, declining overall. Production of butter and other products like buttermilk and flavoured milk have fallen substantially because of major shifts in overseas demand and local consumer preferences. Milk supply constraints have caused butter production to plummet since 2017-18. The COVID-19 pandemic also created volatility in demand and prices. That's why revenue is declining at an average annual rate of 2.9% over the five years through 2022-23, to $8.12 billion. This trend includes a drop of 5.2%... Learn More

6. Wicker and Fibreglass Furniture Manufacturing in Australia

Decline in Exports for 2023: -19.0%

Operators in the Wicker and Fibreglass Furniture Manufacturing industry have faced challenging conditions over the past five years. Revenue is expected to decline at an annualised 4.4% over the five years through 2022-23, to $308.7 million. Over the period, industry operators have contended with substantial price competition from lower cost wicker and fibreglass products made overseas. Strong competition from furniture made from wood, plastic and steel has also slowed revenue growth. Rising interest rates and muted building construction during the COVID-19 pandemic have further weakened demand for industry products, as consumers usually purchase furniture for newly built homes. As a... Learn More

7. Forestry and Logging in Australia

Decline in Exports for 2023: -16.1%

The Forestry and Logging industry has endured challenging operating conditions in recent years, in response to weak downstream demand. Harvesting volumes have tumbled and downstream demand across key markets has fallen, contributing to a drop in industry profit margins. In particular, lower demand from log sawmilling and drops in residential building construction have contributed to several years of dwindling revenue. But a climbing domestic price of timber has benefitted forestry and logging firms, offsetting further drops in revenue in recent years. Industry exports have plummeted in recent years. This trend is mainly attributed to supply chain disruptions associated with the... Learn More

8. Carbon Dioxide Production in Australia

Decline in Exports for 2023: -14.9%

Carbon dioxide (CO2) is a versatile gas used in a range of processes and applications that benefit from its reactivity, inertness and low temperature. CO2 can be produced as a high-pressure cylinder gas, a low-pressure refrigerated liquid or in a solid form as dry ice. Several of CO2's major uses are in food and beverage industries, wherein operators can use the gas to carbonate soft drinks, decaffeinate coffee, freeze food products, and maintain ideal atmospheric conditions in food packaging and during food transport. As a result, the Carbon Dioxide Production industry's performance often reflects developments in Australia's food and beverage... Learn More

9. Milk Powder Manufacturing in Australia

Decline in Exports for 2023: -14.5%

Operators in the Milk Powder Manufacturing industry have faced challenging conditions over the past five years. Domestic raw milk production has fallen over the past five years, reducing the amount available for milk powder manufacturers. Furthermore, falling production of butter in favour of cheese has limited the production of butter by-products, skim milk powder and buttermilk powder. While milk powder prices have consistently risen, the pace of changes in prices relative to changes in production volumes has led to volatile revenue movements over the period. Overall, industry revenue is expected to increase at an annualised 1.5% over the five years... Learn More

10. Iron Ore Mining in Australia

Decline in Exports for 2023: -14.5%

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