WITH grain exports of 3.37 million tonnes in the 2024 financial year Port of Melbourne has set a new record.
A major milestone with grain now hold a 30% share of exports at Australia’s biggest general cargo and container port, handling one-third of the nation’s container trade.
The trade data has been released to coincide with the Silver Anniversary of the Australian Grains Industry Conference (AGIC 2024) in Melbourne, set to begin on, 31 July.
Agricultural exports play a critical role in Victoria’s economy, representing seven of the 10 biggest 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 was the biggest export with 42,000 TEU leaving the port in 2024.
Significantly, grain exports experienced a 36% 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 tonnes of grains were exported through Port of Melbourne, securing a 30% share of exports at the port.
In 2019, grain exports experienced a downturn attributed to drought conditions – dropping to 0.7 million metric tonnes.
Grain exports have since recovered with 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.
