Victorian food and fibre exports now contribute a record $14.1 billion to the state’s economy and is on-track to meet the Victorian Government’s target of $20 billion by 2030.
A strength of Victoria’s food and fibre sector is its diversity and reputation for producing quality, clean and healthy food for key Asian markets. China remains Victoria’s number one export market, with exports growing 27 per cent on the previous year to a total value of $4.6 billion in 2017-18. Japan and the United States are Victoria’s second and third most valuable export markets.
Victoria’s meat industry was particularly strong, with exports up 37 per cent on the previous year, reaching a total value of $3.3 billion. This has made the meat industry the state’s most valuable food and fibre export in 2017-18. The increasing number and wealth of the world’s middle class means consumers are increasingly seeking prepared meals. Victoria’s prepared food exports performed strongly, with exports growing by 15 per cent on the previous year to be valued at $1.7 billion. Wine exports also grew strongly, with a 36 per cent increase in exports to the United Kingdom and 39 per cent rise in exports to China. Other highlights of the report include: