The Lunar New Year marks exciting new opportunities for Australian food and agriculture exporters to China, with $20 billion worth of trade impediments now removed.
China’s consumers can celebrate the Year of the Snake by dining on a smorgasbord of Aussie cuisine, including delicious lobsters, the world’s best wines, and high-quality beef steaks.
The Albanese Labor Government has worked calmly and consistently to restore dialogue to Australia’s relationship with China and secure the removal of $20 billion of trade impediments.
Following the removal of the final trade impediments in December 2024, dining tables in China will now feature Australian live rock lobsters, a welcome outcome for Chinese consumers and Australian businesses alike.
Over 900 tonnes of live rock lobsters has already been exported to China since the removal of impediments. This has supported the jobs of 3,000 Australians employed in the industry, 2,000 of which are in Western Australia.
Australian fresh cherries are also highly prized as a gift to celebrate the Lunar New Year, and demand is expected to grow this financial year, after strong growth last year. Australia exported $14 million or 582 tonnes of cherries in 2023-24, an increase of 129 per cent in value and 137 per cent in volume.
Exports to China of Australian agricultural products previously affected by trade impediments have rebounded in 2024 year-on-year (January to October):
- barley increased 221 per cent in value;
- wine increased over 5,000 per cent in value; and
- timber logs (specifically, wood in the rough) increased over 8,000 per cent in value.
China remains Australia’s largest market for agricultural exports, worth $17.1 billion and accounting for around a quarter of total agricultural exports in 2023-24.
Foreign Minister Penny Wong:
“The Albanese Labor Government’s calm and consistent approach to our relationship with China is delivering for Australians and for our national interest.
“It’s the result of hard work and a responsible Government that doesn’t play reckless political games with Australia’s most important relationships.
“Labor will continue to support Australian businesses to sell their products to the world, including through our efforts to diversify our trade.”
Trade and Tourism Minister Don Farrell:
“Sustained engagement and advocacy by the Albanese Labor Government has resulted in the removal of around $20 billion of Chinese trade impediments, benefiting Australian farmers, exporters and our regions.
“But we will not rest on our laurels – we are committed to creating even more export opportunities for Australian farmers and producers.
“Every product we export means more national income and more well-paying Australian jobs.”
Agriculture, Fisheries and Forestry Minister Julie Collins:
“Australia has an outstanding reputation as a supplier of high-quality agricultural products in China.
“Our Government is focused on strengthening our trade relationships and expanding opportunities for Australia’s farmers and producers.
“In 2023-24, we recorded 88 market access achievements which opened, improved, maintained, or restored access for Australian businesses, including unlocking 10 new markets.
“Australia exports over 70 per cent of our agricultural, fisheries and forestry production to 169 markets globally – the most diversified trade has ever been – thanks to the Albanese Labor Government.”