China has long been an important market for Australian beef and veal. In May this year, eight beef processing facilities had their suspensions lifted, marking a positive step. Now, with the removal of the final two suspensions, business can return to normal. In 2023-24, red meat exports to China topped $2.2 billion, highlighting the economic significance of this trade.
According to the latest data from the Australian Bureau of Agricultural and Resource Economics and Sciences, the boost in red meat exports is expected to push the overall value of agriculture, fisheries, and forestry to $94.3 billion, the second highest on record. This shows the potential impact of a fully restored trade relationship.
The Federal Government welcomes this announcement with open arms. Prime Minister Anthony Albanese emphasizes that it is great news for Australian producers, exporters, and farmers. It is a win for trade and a boost for Australian jobs, something his government is committed to supporting.
Minister for Trade and Tourism, Don Farrell, also highlights the importance of this development. He notes that they are close to a point where all trade impediments that impacted $20 billion worth of Australian exports have been removed. The removal of these impediments has not only saved existing jobs but has also created thousands of new ones across the country.
Beef producers in Queensland, wine makers in South Australia, and barley growers in Western Australia have all benefited from the government's steady approach to trade. This shows the wide-ranging impact of a restored trade relationship on different sectors of the Australian economy.