Fastest Growing Industries by Imports in Australia in 2024

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

Growth in Imports for 2024: 361.2%

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. Carbon Dioxide Production in Australia

Growth in Imports for 2024: 168.8%

Carbon dioxide (CO2) is a versatile gas used in a range of processes and applications that benefit from its reactivity, inertness and low temperature. CO2 can be produced as a high-pressure cylinder gas, a low-pressure refrigerated liquid or in a solid form as dry ice. Several of CO2's major uses are in food and beverage industries, wherein manufacturers can use the gas to carbonate soft drinks, decaffeinate coffee, freeze food products and maintain ideal atmospheric conditions in food packaging and during food transport. This means that developments in Australia's food and beverage sector can often influence the industry's performance.

CO2 manufacturing... Learn More

3. Sheep Farming in Australia

Growth in Imports for 2024: 40.0%

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

4. Bauxite Mining in Australia

Growth in Imports for 2024: 38.1%

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

5. Copper Ore Mining in Australia

Growth in Imports for 2024: 26.2%

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

6. Frozen Cake and Pastry Manufacturing in Australia

Growth in Imports for 2024: 19.3%

Operators in the Frozen Cake and Pastry Manufacturing industry have faced numerous challenges over the past five years. Changing consumer dietary and lifestyle trends have worked against the industry, as some consumers have cut back on high-calorie foods such as cakes and pastries in favour of healthier snack and dessert alternatives. Other consumers have moved away from factory-produced frozen pies and pastries in favour of fresh, unpackaged products. In addition, the growing popularity of private label products, which are prevalent across many food manufacturing industries, represents a major threat to the industry. This trend has negatively affected industry profit margins... Learn More

7. Wicker and Fibreglass Furniture Manufacturing in Australia

Growth in Imports for 2024: 17.3%

Wicker and fibreglass furniture manufacturers have faced challenging conditions over the past few years. Revenue is expected to decline at an annualised 4.4% over the five years through 2022-23, to $308.7 million. Over that period, manufacturers have contended with substantial price competition from less costly imports. Strong competition from wooden, plastic and steel furniture has also slowed revenue growth. Rising interest rates and muted building construction during the COVID-19 pandemic have further weakened demand for industry products, as consumers usually purchase furniture for newly built homes. As a result, industry revenue is anticipated to decline by 3.4% in the current... Learn More

8. Industrial Gas Manufacturing in Australia

Growth in Imports for 2024: 13.2%

The development of new products and technologies, growing environmental concerns and changing demand patterns among key markets have shaped industry performance. Activity in key markets, including Australia's resources, manufacturing and healthcare sectors, has also been instrumental in the industry's growth. These markets have been subject to cyclical variations.

That's why the Industrial Gas Manufacturing industry revenue is expected to contract at an annualised 6.6% over the five years through 2023-24, to $2.8 billion, disguising the industry's highly volatile performance. This includes a drop of 2.6% in 2023-24, constrained by weak demand from Australia's mining sector. Industry manufacturers suffered from soaring... Learn More

9. Egg Farming in Australia

Growth in Imports for 2024: 13.0%

Egg farmers have faced volatile trading conditions over the past five years. They've benefited from rising per capita egg consumption over the period, as consumers have increasingly opted for eggs as an alternative to red meat as a source of protein. An overall increase in egg production has also benefited the industry. However, slow growth in prices has limited growth in industry revenue over the period. Consequently, industry revenue is expected to increase at an annualised 4.0% over the five years through 2022-23, to $1.1 billion. This trend includes an expected growth of 15.9% in the current year, with production... Learn More

10. Metal Coating and Finishing in Australia

Growth in Imports for 2024: 12.5%

Firms that provide services in the Metal Coating and Finishing industry treat a range of metals to improve their durability and lifespan. These treatments protect metals from rust and corrosion, and can also improve their aesthetics. Most metal coating and finishing firms service downstream construction and manufacturing industries, which need durable metals to carry out their operations. Demand conditions from these key markets has been mixed; demand from building construction has dropped because of staff shortages and restrictions related to the COVID-19 outbreak, and has struggled to recover. Meanwhile, demand from heavy and civil engineering construction has risen, as demand... Learn More