Anyone who has enjoyed online shopping in existing international stores over the past few years would, without doubt, be lamenting the fall in our dollar. But, as with most things, there is another side to that story and one of the industries to benefit from a weaker AUD is the food and beverage industry.
The recent release of the Australian Food and Grocery Council’s annual State of the Industry report indicates significant growth in trade, with the trade surplus for food and beverages nearly doubling and total exports up by 28% or $6 billion (from $20 billion to $26 billion)
In particular, beef exports recorded a strong increase of 9.1% (2013-14 data), followed by seafood processing which increased by 8.3%
Other highlights included:
- Industry turnover $118.8 bn, up 0.9% in real terms (2013-14 data)
- Direct employment 322,900 up 3,183 (2014-15 data)
- Total international trade $61.7 billion, up 12% (2014-15 data)
- Labour productivity growth of 2.4% (2013-14 data)
“As the national economy transitions away from mining-led growth, the food and grocery sector is one of the key growth sectors for the future. Value-adding to Australia’s high quality farm produce generates jobs and growth in Australia”. (extract from Australian Food and Grocery Council’s seventh annual State of The Industry report).
So, although those shoes on the Nordstrom website are now far too expensive to buy, rest assured that our food exporters and now working toward a stronger future – including potential for jobs growth for our valued food industry workers.