Port of Melbourne has notched two significant milestones for key export commodities after the latest data from the financial year was released.
One of the headline commodities was rice, which recorded a 620 per cent growth rate. The commodity is important to the Port of Melbourne, as it is the 12th largest export in terms of overseas export tonnage, with 237,000 tonnes of rice exiting the Port in the 2024 financial year.
In the 2024 financial year period, 9,865 TEU (Twenty-foot Equivalent Units) of rice were exported through Port of Melbourne. This made for a 620 per cent increase since the 2021 financial year which was hampered due to poor seasonal conditions.
Leatrice Treharne, head of business development at Port of Melbourne, said this year’s statistics highlighted the importance of Australian agriculture to the export market.
“Agriculture products stand as Australia’s largest export commodity, constituting seven of the Port’s top ten container export commodities,” she said.
“As the key trade gateway for Southeastern Australia, Port of Melbourne is deeply committed to supporting the agricultural sector.”
It came after the Port of Melbourne recorded a “historic” benchmark for grain exports, its largest commodity. Across the 2024 financial year, 3.37m tonnes of grain were exported from Port of Melbourne including wheat, barley, canola, malt, cereals and oats.
According to Port of Melbourne, grain exports have seen a 36 per cent compound annual growth rate from the 2019 financial year period to the same time in 2024, which represents the biggest volume of grain export in the organisation’s history. During the 2024 financial year peak, grain accounted for 30 per cent of export at the Port of Melbourne.
The key drivers behind this rise include growing demand from China, Indonesia and Vietnam with China’s demand being a dominant factor. According to Port of Melbourne, 49 per cent of total grain exports are for these countries.
China’s demand has positioned as the leading country for grain from the Port. From the period encompassing the 2023 financial year to the same period in 2024, grain shipments between the Port of Melbourne and China had a 77 per cent year-on year growth.
Indonesia, Vietnam, Philippines, Japan, New Zealand, Malaysia, and Thailand are altogether responsible for 47 per cent of the total grain exports from the Port of Melbourne.
“Year-on-year FY23 to FY24, Port of Melbourne has seen a 5 per cent uplift in grain exports, with grain remaining our number one export commodity at 30 per cent of total exports through the Port,” Treharne said.
“China’s position as the dominant importer underscores the strategic importance of this trade relationship, with barley showing the strongest percentage growth year-on-year across all grain commodities.
“Port of Melbourne looks forward to continuing to work with our grain growers, exporters, and supply chain partners, whose commitment to supplying quality grains to global markets contributes significantly to the prosperity of our state and national economy.”