Cider producers enjoy buoyant export growth
Against the backdrop of free trade agreements, IBISWorld has compiled a list of the nation’s top 20 industries by growth in exports over the five years through 2015-16.
According to IBISWorld, the top 20 exporting industries by growth in merchandise exports, excluding services, are estimated to be worth $22.3 billion in 2015-16. Merchandise trade, which excludes services, across all industries has been calculated by IBISWorld to be worth $260.6 billion to the Australian economy, or 15.7% of GDP.
“Analysis conducted by IBISWorld shows that the top 20 fastest-growing exports will rise between 10.6% and 36.3% annualised over the five years through 2015-16,” said Ms Jem Anning, IBISWorld Senior Industry Analyst.
Five of the notable industries in the top 20 list include Rice Growing, Seafood Processing, Grape Growing, Cider Production, and Vitamin and Supplement Manufacturing.
Bubbling away
Australia’s historic cider producers have enjoyed buoyant export growth over the last five years. Exports made up an estimated 2.9% share of revenue in 2010-11, and are anticipated to reach 5.5% by 2020-21. In the years 2010-11 to 2015-16, IBISWorld calculated export growth to be 25.8% annualised and valued exports at $16.5 million in 2015-16.
“Exports have grown rapidly over the past five years, in part because of the signing of a free trade agreement with Korea in April 2014 that has led to a surge in cider exports to that country. Over the next five years, IBISWorld expects free trade agreements with China and Japan to encourage more Australian cider to be exported, most notably premium products,” said Ms Anning.
Crowded markets in Europe and North America were identified as constraining further export growth, but the weaker Australian dollar, coupled with increasing interested in cider, assisted in boosting demand by reducing prices for Australian cider.
Source: IBISWorld, 1st June 2016
