Victoria smashes food and fibre export target six years early

Victoria has exceeded its $20 billion food and fibre export target six years ahead of schedule, according to a government report released on Wednesday.

Minister for Economic Growth and Jobs Danny Pearson released the 2023-24 Food and Fibre Export Performance Report, which shows Victoria is Australia’s top food and fibre exporter, capturing 27 per cent of the total national export value.

The results cement Victoria’s position as the nation’s premier state for food and fibre, building on two consecutive years of record-breaking numbers and seeing the state exceed the government’s ambitious target of $20 billion in food and fibre exports by 2030.

Victoria was one of only two states to record growth in food and fibre export value in 2023-24.

Butter exports surged by 81 per cent, according to the report.

China remained Victoria’s largest export market, totalling almost $5 billion in value in 2023-24. Victoria saw growth in export value to many key markets in addition to China, including the United States, Japan, South Korea, Vietnam and India.

The Victorian government is investing $34.9 million in the 2025-26 budget to support small and medium-sized businesses to identify new markets and diversify their customer base.

The government is also investing $18.8 million in its Trade and Investment Network which supports Victorian exporters.

Agriculture production is an integral part of Victoria’s regional economy, which is home to around 75 per cent of the industry’s workforce.

Pearson said the state had “absolutely smashed” its export target six years ahead of schedule.

“Every contract signed by a Victorian business to sell their goods overseas helps to grow jobs at home, and that’s why we back our exporters so strongly,” Pearson said.

Picture: credit CSIRO