Industries with the Biggest Decline in Imports in Australia in 2023

1. Sheep Farming in Australia

Decline in Imports for 2023: -76.9%

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

2. Iron Ore Mining in Australia

Decline in Imports for 2023: -24.8%

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

3. Manganese and Other Mineral Mining in Australia

Decline in Imports for 2023: -16.1%

Manganese and other mineral miners have faced volatile operating conditions over the past five years. Industry revenue is expected to fall at an annualised 2.7% over the five years through 2022-23, to total $3.8 billion. Volatile prices and subdued demand conditions during the COVID-19 pandemic have weighed on demand in both domestic and export markets. Falling global manganese prices have pushed revenue lower. Revenue is anticipated to fall by a further 8.0% in 2022-23 due to weaker manganese prices.

Manganese is used in iron smelting and steel manufacturing processes as a key raw material to strengthen steel. That's why global steel... Learn More

4. Copper Ore Mining in Australia

Decline in Imports for 2023: -14.8%

Copper is one of the world's most versatile and useful metals. It conducts heat and electricity and is widely used in electronic devices and electrical wiring. For example, computers and other digital devices require heat sinks to prevent overheating and these systems are often made of copper. Australia is one of the world's major copper mining countries, behind Chile, Peru, China, Democratic Republic of Congo, and the United States.

Revenue from the Copper Ore Mining industry is expected to increase at an annualised 7.1% over the five years through 2021-22, to reach $8.6 billion. This strong growth is due to higher... Learn More

5. Pesticide Manufacturing in Australia

Decline in Imports for 2023: -13.5%

Operators in the Pesticide Manufacturing industry have faced a challenging operating environment over the past five years. As consumers have become increasingly concerned about pesticides in the food chain, industry regulations have increased, particularly as residual detection methods have improved. Several active ingredients have been withdrawn due to human health concerns over the period, reducing the industry's product portfolio. Therefore, players have incurred the escalating costs associated with bringing new active ingredients to market. The industry has also contended with volatile weather conditions, including both droughts and floods in large parts of eastern Australia. Extensive summer fires followed by the... Learn More

6. Boatbuilding and Repair Services in Australia

Decline in Imports for 2023: -12.6%

Boat manufacturers have ridden a wave of consumer demand for luxury vessels in recent years, as high-income earners purchase small- and medium-sized vessels for recreational activities. Luxury consumer demand has been shielded from the worst economic effects of the COVID-19 pandemic, as domestic boatbuilders maintain steady production of yachts, small motorboats and cabin cruisers. Exports have gained momentum, as manufacturers service consumers and businesses in the United States and New Zealand. Large-scale Australian firms have developed strong international reputations, allowing them to ramp up production and explore untapped export markets. Revenue has climbed at an annualised 1.2% over the past... Learn More

7. Shipbuilding and Repair Services in Australia

Decline in Imports for 2023: -10.8%

Despite heavy fluctuations in revenue, the Shipbuilding and Repair Services industry has grown over the past five years. The industry is mostly driven by government investment through the issue of valuable contracts for delivery of Royal Australian Navy (RAN) warships and submarines. In 2017-18, industry revenue grew significantly, largely due to the announcement of the Naval Shipbuilding Plan (NSP). The 2020 Force Structure Plan (FSP) is anticipated to support revenue, thereby boosting profit margins over the period. However, the plan is largely focused on repair services, which generally contributes less to industry revenue. Overall, industry revenue is expected to increase... Learn More

8. Copper Tubes and Wire Manufacturing in Australia

Decline in Imports for 2023: -9.7%

Firms in the Copper Tubes and Wire Manufacturing industry have faced difficult trading conditions over the past five years. Foreign manufacturers have placed significant competitive pressure on industry operators over the period, with low-cost overseas manufacturers dominating the domestic market. These manufacturers typically operate with lower labour and overhead costs than Australian manufacturers, allowing them to pass on cost savings to customers through lower prices without reducing profitability. Competition from substitute products has also intensified over the past five years. Aluminium products have increasingly been used as a substitute for copper in automotive equipment manufacturing. In particular, extruded and rolled... Learn More

9. Wicker and Fibreglass Furniture Manufacturing in Australia

Decline in Imports for 2023: -7.5%

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

10. Milk Powder Manufacturing in Australia

Decline in Imports for 2023: -7.4%

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