Browse Data and Analysis

Australia is a prosperous and industrialized nation with a stable economy. The country’s strong economy underpins its open and transparent trade and investment environment and trade and economic links with emerging economies, particularly in Asia.

Milk production in Australia for 2024 is estimated to increase, for the first time since 2020, by 3.3 percent to 8.75 million metric tons (MMT). Industry confidence is elevated by high milk prices for dairy farmers over recent years and, also lower feed and fertilizer prices and broadly good seasonal conditions in 2024.

Food Standards Australia New Zealand (FSANZ) has approved a Queensland University of Technology (QUT) application to permit food derived from a banana line genetically engineered (GE) for resistance to Panama disease.

A tale of two is emerging for wheat and barley growers in Australia. Those in the eastern states have entered the MY 2024/25 planting season with good soil moisture and a particularly good fall break with widespread rains in the first week of April.

Australia’s sugar production is forecast to increase to 4.2 million metric tons (MMT) in marketing year (MY) 2024/25 from an estimated 4.1 MMT in MY 2023/24. This increase is due to an expected rise in sugar cane crush to 30.5 MMT in MY 2024/25, from an estimate of 29.8 MMT in the previous year.

Australian oilseed production, dominated by canola, is expected to be strong for the fourth successive season during the marketing year (MY) 2024/25. If realized, canola production of 6.5 million metric tons (MMT) would be 14 percent above the previous year’s estimate and the third largest on record.

Food Standards Australia and New Zealand (FSANZ) have updated the laws on allergen labeling for foods sold throughout Australia and New Zealand. The new allergen labeling laws are called PEAL – Plain English Allergen Labelling.

Cotton production in Australia is set for a fourth successive year of high production in marketing year (MY) 2024/25, forecast at 5.5 million bales, which would be the third largest crop. The prospect of average rainfalls over the winter/spring period if realized would establish improved irrigation water availability for growers.

Australian beef supply is forecast to climb after the herd rebuild period ends. The marked slowdown in the growth of the national herd is expected to drive a higher female slaughter rate, increase the overall supply of cattle for slaughter, and boost live cattle and beef exports in 2024.

Australia’s food, beverage, and grocery sectors, contribute to a third of all business activity in the manufacturing landscape.

El Niño conditions for Australia remain present, but this has been pushed aside in late spring and early summer after the eastern states received above-average rainfalls. This situation has prompted a rise in the sorghum production forecast for MY 2023/24 to 1.8 million metric tons (MMT), and the rice production forecast remains strong at 522,000 metric tons (MT) with the support of ample irrigation water.

Australia is a crucial market for U.S. fresh fruits because of the year-round demand for high-quality products. The U.S. has benefitted from a well-established reputation for producing quality and safe fruits.