Industries with the Biggest Decline in Imports in Australia in 2023

1. Gold and Other Non-Ferrous Metal Processing in Australia

Decline in Imports for 2023: -89.6%

Refined gold volumes are anticipated to total 283.5 tonnes in 2023-24, down from 293.0 tonnes in 2018-19. Despite strong gold demand, refining volumes dropped off as production was hamstrung by border closures and restrictions.

Surging gold prices and lithium hydroxide production have outweighed reduced refined gold volumes, leading to strong revenue growth. Industry revenue is anticipated to increase at an annualised 18.1% over the five years through 2023-24, to total $52.9 billion. Much of this surge was in 2022-23, due to the rapid expansion of lithium hydroxide processing. Growth is expected to drop to 2.7% in 2023-24, as gold prices ease... Learn More

2. Sheep Farming in Australia

Decline in Imports for 2023: -76.9%

Variations in turn-off rates and wool production volumes have seen sheep farming revenue fluctuate but fall overall. Farmers have continued to focus on export markets to expand revenue in recent years. However, prolonged pandemic lockdowns in China have weakened demand for wool, leading to an oversupply and lower prices. Sheep farming revenue is expected to drop at an average annual rate of 4.1% over the five years through 2022-23, to total $3.1 billion. Revenue is anticipated to plunge by 9.8% in the current year, driven by a sharp drop in the prices of sheep, lambs and wool.

Australia's total sheep flock... Learn More

3. Copper, Silver, Lead and Zinc Smelting and Refining in Australia

Decline in Imports for 2023: -56.4%

The Copper, Silver, Lead and Zinc Smelting and Refining industry has faced volatile conditions over recent years due to volatile pricing and refineries generating a high proportion of industry revenue by providing refining and smelting services to mining companies as a third-party service. As mining companies can export ore concentrate overseas to be refined, industry firms that service mining companies need to be price and service competitive. Industry volumes and revenue are greatly influenced by changes in demand for smelting and refining services and the production output of mining companies that also operate in the industry. Overall, industry revenue is... Learn More

4. Ready-Mixed Concrete Manufacturing in Australia

Decline in Imports for 2023: -47.5%

Trends in building and infrastructure construction determine the Ready-Mixed Concrete Manufacturing industry's performance. The product's perishability restricts supply capabilities to a narrow geographic market. Several large-scale, vertically integrated manufacturers together account for over two-thirds of industry sales and have branch representation in most markets. These include Boral Limited, Hanson Australia, Holcim Australia, Adbri Limited and the Barro Group.

Divergent trends in downstream building and infrastructure markets have influenced the industry in recent years. Industry revenue has declined at an anticipated annualised 1.1% over the past five years. Revenue is expected to total $6.7 billion in 2022-23, including an estimated contraction of... Learn More

5. Bauxite Mining in Australia

Decline in Imports for 2023: -40.0%

Australia is the world's largest bauxite producer, accounting for approximately 30% of global output, and ahead of China, Guinea and Brazil. Bauxite production in Australia is projected to reach 103.9 million tonnes in 2021-22, up from 84.9 million tonnes in 2016-17. Expansion projects at several bauxite mines have contributed to this strong growth in production over the past five years, increasing mine output to meet higher demand. While most bauxite mined in Australia is locally processed into alumina, exports are estimated to account for 42.7% of the industry's revenue in the current year. In contrast, competing bauxite imports are negligible.

A... Learn More

6. Silver, Lead and Zinc Ore Mining in Australia

Decline in Imports for 2023: -37.8%

Revenue for the Silver, Lead and Zinc Ore Mining industry has been highly volatile over the past five years, with a general upward trend. This result has been due to greater export demand, moderate growth in domestic demand, and fluctuations in pricing for lead, silver and zinc. Industry revenue is projected to increase at an annualised 7.2% over the five years through 2021-22, to total $6.2 billion, with the COVID-19 pandemic minimally affecting the industry. This trend includes an expected rise of 2.9% in the current year, reflecting higher zinc and lead prices, and a fall in silver prices. Much... Learn More

7. Copper Ore Mining in Australia

Decline in Imports for 2023: -33.4%

Copper mining revenue is expected to increase at an annualised 3.8% over the five years through 2023-24, to an estimated $9.8 billion. This strong growth is due to higher copper prices, and stronger demand growth from China for copper used in construction, communications and manufacturing. Copper prices have risen as global copper demand has increased, and production has weakened. Highly advanced economies, such as Japan, have also supported demand growth through higher domestic production volumes. Australia is one of the world's major copper mining countries, behind Chile, Peru, China, Democratic Republic of Congo, and the United States.

Australia's copper ore production... Learn More

8. Iron Ore Mining in Australia

Decline in Imports for 2023: -24.8%

Iron ore miners have benefited from major increases in iron ore prices, and modest growth in production volumes over the past five years. Iron ore revenue is expected to increase at an annualised 8.1% over the five years through 2022-23, to total an estimated $124.1 billion. Strong demand from China and disruptions to iron ore producers in Brazil prior to, and during the COVID-19 pandemic, sent iron ore prices soaring. Iron ore prices are projected to fall in 2022-23, prompting iron ore revenue to drop an estimated 16.2% over the year.

Over the past decade, strong economic growth in China has... Learn More

9. Manganese and Other Mineral Mining in Australia

Decline in Imports for 2023: -16.1%

Manganese and other mineral miners have faced volatile operating conditions over the past five years. Industry revenue is expected to fall at an annualised 2.7% over the five years through 2022-23, to total $3.8 billion. Volatile prices and subdued demand conditions during the COVID-19 pandemic have weighed on demand in both domestic and export markets. Falling global manganese prices have pushed revenue lower. Revenue is anticipated to fall by a further 8.0% in 2022-23 due to weaker manganese prices.

Manganese is used in iron smelting and steel manufacturing processes as a key raw material to strengthen steel. That's why global steel... Learn More

10. Boatbuilding and Repair Services in Australia

Decline in Imports for 2023: -12.6%

Boat manufacturers have ridden a wave of consumer demand for luxury vessels in recent years, as high-income earners purchase small- and medium-sized vessels for recreational activities. Luxury consumer demand has been shielded from the worst economic effects of the COVID-19 pandemic, as domestic boatbuilders maintain steady production of yachts, small motorboats and cabin cruisers. Exports have gained momentum, as manufacturers service consumers and businesses in the United States and New Zealand. Large-scale Australian firms have developed strong international reputations, allowing them to ramp up production and explore untapped export markets. Revenue has climbed at an annualised 1.2% over the past... Learn More