Industries with the Biggest Decline in Exports in Australia in 2024

1. Bottled Water Manufacturing in Australia

Decline in Exports for 2024: -51.9%

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. Lithium and Other Non-Metallic Mineral Mining in Australia

Decline in Exports for 2024: -46.0%

Spodumene concentrate (lithium ore) has become by far the dominant product in the Lithium and Other Non-Metallic Mineral Mining industry over the five years through 2023-24. Spodumene concentrate is still mainly exported to China for further processing, but major mining firms have started to use it domestically to refine lithium hydroxide. Spodumene concentrate output has increased over the past five years, particularly over the three years through 2023-24. While production is growing strongly, surging demand is behind the largely price-driven growth, as strong demand from the Chinese electric vehicle market and lithium stockpiling is prompting a spike in world prices.... Learn More

3. Grain Growing in Australia

Decline in Exports for 2024: -36.0%

Grain growing in Australia is export-oriented and produces wheat, barley, canola, other grains and oilseeds. Revenue has fluctuated over the past five years, due to volatile weather conditions, global grain prices and crop supplies. Revenue is expected to grow at an annual average rate of 17.3% over the five years through 2022-23, to reach an estimated $27.7 billion. As Russia is a major producer of fertiliser, a key industry input, its price has significantly risen in 2021-22 due to the Russia-Ukraine conflict. Industry profitability has therefore fallen over the period as purchase costs have increased. However, higher output volumes due... Learn More

4. Basic Inorganic Chemical Manufacturing in Australia

Decline in Exports for 2024: -34.6%

The Basic Inorganic Chemical Manufacturing industry's performance has been highly volatile in recent years. With the industry focused on international markets, volatility in export markets has weighed on the industry's performance. Marked fluctuations in global chemical commodity prices have added to the industry's volatility.

The industry is expected to expand by an annualised 8.4% over the five years through 2022-23, to total $3.4 billion. Estimated growth of 37.9% in 2022-23, in view of record-high prices, has somewhat distorted this rate. This apparent strong performance also hides the effects of ongoing structural changes in Australia's wider industrial economy and the impact of... Learn More

5. Petroleum Refining and Petroleum Fuel Manufacturing in Australia

Decline in Exports for 2024: -30.3%

The Petroleum Refining and Petroleum Fuel Manufacturing industry has faced highly volatile conditions over recent years, as the COVID-19 pandemic wreaked turmoil on global energy supply chains. The global situation filtered down to Australia's petroleum market, contributing to the closure of two of Australia's last four remaining oil refineries. BP closed its refinery in Kwinana, while ExxonMobil shut down the Altona refinery. The closures resulted in these two energy giants leaving the industry altogether. Both the closed refineries were converted into import terminals, which meant that they directly intensified import competition in the industry. Overall, industry revenue is expected fall... Learn More

6. Coal Mining in Australia

Decline in Exports for 2024: -27.7%

Coal is a key input in steelmaking and energy generation. Although coal deposits are found all over the world, Australia is one of the world's lowest cost producers and a major coal exporter. Domestic reserves exceed domestic demand, are high grade and economical to access. As a result, exports account for a large share of coal mining revenue. Imports are negligible, as local production is higher than domestic demand for coal. Black coal mining accounts for most activity, with some brown coal used domestically for electricity generation in Victoria.

Coal mining revenue is expected to grow at an annualised 14.6% over... Learn More

7. RTD Mixed Spirit Production in Australia

Decline in Exports for 2024: -26.8%

Revenue for the RTD Mixed Spirit Production industry is expected to decline at an annualised 1.2% over the five years through 2023-24, to $1.2 billion. Consumption of RTD beverages has risen over the past five years, with new product development driving growth at the expense of other alcohol products, such as cider. However, and rising domestic demand has been increasingly met by imported products, which has hindered industry revenue growth, increased competition and reducing industry margins.

Marketing campaigns and a range of new products have boosted industry revenue over the past five years. These new products entered the market either with... Learn More

8. Automotive Electrical Component Manufacturing in Australia

Decline in Exports for 2024: -24.8%

Businesses in the Automotive Electrical Component Manufacturing industry have faced mixed operating conditions. Revenue grew strongly over the three years through 2021-22 as manufacturers benefited from a depreciating Australian dollar and falling new vehicle sales. These trends restricted import growth and supported demand from the aftermarket. Demand from motor vehicle manufacturers has fallen as local passenger vehicle manufacturing has ended. But industry manufacturers have restructured their Australian operations owing to global automotive supply chain shifts. Overall, revenue has been growing at an annualised 6.7% over the five years through 2023-24 and is expected to total $2.6 billion in 2023-24, when... Learn More

9. Liquefied Natural Gas Production in Australia

Decline in Exports for 2024: -21.3%

Liquefied natural gas (LNG) production has rapidly expanded, as project development has increased the scale and production capacity of the industry. Australian liquefied natural gas (LNG) exports have increased from 20.0 million tonnes in 2010-11 to 80.9 million tonnes in 2022-23. LNG revenue is expected to rise at an annualised 20.7% over the five years through 2022-23, to $90.3 billion.

The wave of project development that occurred across the industry over the past decade has now concluded. Ten LNG facilities are now operational, including the Prelude and Ichthys projects, which shipped their first cargoes in 2018-19. Together, the industry's 10 LNG... Learn More

10. Gravel and Sand Quarrying in Australia

Decline in Exports for 2024: -18.5%

Gravel and sand quarrying produces raw materials that are mainly used in glass and cement product manufacturing, and construction services. Mixed demand trends, declines in building construction over the past five years and the negative effects of COVID-19 have reduced industry revenue. Furthermore, falls in glass and glass product manufacturing, and ready-mixed concrete manufacturing, have contributed to industry declines. However, greater demand from road and bridge construction, and public sector spending growth on heavy industry and other non-building construction have benefited the industry, limiting revenue falls over the period.

Industry revenue is expected to decline at an annualised 4.4% over the... Learn More