Industries with the Biggest Decline in Imports in Australia in 2024

1. Gold Ore Mining in Australia

Decline in Imports for 2024: -86.7%

Gold ore mining revenue has soared, as central bank purchases and investor demand for safe-haven assets have driven gold prices higher. A weaker Australian dollar also lifted returns for domestic producers, with gold priced in US dollars in global markets.

Gold mining is a well-established industry in Australia, and production volumes have grown over much of the past decade, contributing to an annualised 4.0% increase in gold ore mining revenue through the end of 2022-23, to $22.7 billion. Gold is considered a counter-cyclical commodity and safe-haven asset during national and global economic uncertainty, with rocky US-China trade negotiations, the COVID-19 pandemic... Learn More

2. Ready-Mixed Concrete Manufacturing in Australia

Decline in Imports for 2024: -46.0%

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

3. Nickel Ore Mining in Australia

Decline in Imports for 2024: -36.5%

Nickel ore miners faced generally positive operating conditions over the past five years, with strong pricing growth and demand being partly offset by output declines. Most nickel ore mined in Australia is processed locally into nickel concentrate by downstream smelting and refining firms, or by nickel ore mining companies that also operate their own smelters and refineries. All nickel ore mined by the industry is from Western Australia. Infrastructure projects and the production of nickel-based stainless steel goods in China drove global demand for nickel over the past five years. These factors positively affected Australian nickel exports, with domestic demand... Learn More

4. Cider Production in Australia

Decline in Imports for 2024: -34.2%

The Cider Production industry has declined over the past five years. Falling cider consumption and an overall decline in per capita alcohol consumption have largely driven this trend. In Australia, per capita alcohol consumption has fallen over the period, including large declines in almost every product segment except spirits. However, industry associations such as Cider Australia are using marketing efforts to promote cider for its craft qualities. As a result, although the craft cider is a small segment, it has become more prominent in recent years. However, rising health consciousness has led to greater demand for low- and no-alcohol beer... Learn More

5. Battery Material Mining in Australia

Decline in Imports for 2024: -30.7%

Battery material mining revenue has soared, as battery manufacturers have sought to lock in supply to meet surging demand. Rising demand for electric vehicles has led global automakers to offer a growing range of electric vehicles, particularly in China. The supply of battery materials has become increasingly tight, driving demand for Australian battery material exports. Overall, industry revenue has grown at an annualised 55.9% over the past five years, to $16.9 billion. This includes a rise of 198.6% in 2022-23, as lithium export prices skyrocket.

Several new enterprises have entered the industry by developing lithium mines in Western Australia. These firms... Learn More

6. Butter and Dairy Product Manufacturing in Australia

Decline in Imports for 2024: -24.3%

Butter and other dairy product manufacturers have faced challenging conditions over the past five years. Global dairy prices have been volatile over the period, declining overall. Production of butter and other products like buttermilk and flavoured milk have fallen substantially because of major shifts in overseas demand and local consumer preferences. Milk supply constraints have caused butter production to plummet since 2017-18. The COVID-19 pandemic also created volatility in demand and prices. That's why revenue is declining at an average annual rate of 2.9% over the five years through 2022-23, to $8.12 billion. This trend includes a drop of 5.2%... Learn More

7. Oil and Gas Extraction in Australia

Decline in Imports for 2024: -22.8%

Oil and gas producers have experienced significant revenue volatility. Changes in oil and gas prices, exchange rate movements, annual production volumes, and domestic and export demand for oil and gas all influence performance. Output has expanded over the past decade, while world oil and natural gas prices have displayed significant volatility.

Australia's natural gas production, which makes up most of the industry has soared over the past decade as new gas fields have been developed to feed Australia's liquefied natural gas (LNG) facilities. Global trade in LNG has expanded with growing demand for LNG in Asian markets and weakness in the... Learn More

8. Printing in Australia

Decline in Imports for 2024: -20.8%

Printing firms have faced tough conditions in recent years. Consumers have opted for online alternatives, which has increased competition and threatened traditional printing firms, causing revenue to plummet. The COVID-19 pandemic accelerated these trends, as city-wide lockdowns disrupted distribution outlets and volatile business confidence reduced spending on printed materials. Technological advancements have made printing machinery more accessible and affordable to downstream markets, cutting demand for printing services. Industry revenue has fallen by an annualised 4.2% over the five years through 2022-23, to $6.4 billion. Online alternatives continue to encroach on traditional printed materials, meaning there has been a decline of... Learn More

9. Basic Organic Chemical Manufacturing in Australia

Decline in Imports for 2024: -20.0%

The Basic Organic Chemical Manufacturing industry has undergone structural and operational changes over the past few years. Several companies have ceased or cut down local production because of changing market conditions, and the industry is in the decline phase of its economic life cycle. A range of other chemical sectors use basic organic chemical products as raw material inputs to manufacture petrochemicals, pharmaceuticals, personal-care products, food and beverages, coatings, plastics and explosives.

Volatile chemical prices, rationalisation in the global chemical market and greater competition from imports have been influencing the industry. Gas and oil prices have been fluctuating and feedstock prices... Learn More

10. Basic Inorganic Chemical Manufacturing in Australia

Decline in Imports for 2024: -18.2%

The Basic Inorganic Chemical Manufacturing industry's performance has been highly volatile in recent years. With the industry focused on international markets, volatility in export markets has weighed on the industry's performance. Marked fluctuations in global chemical commodity prices have added to the industry's volatility.

The industry is expected to expand by an annualised 8.4% over the five years through 2022-23, to total $3.4 billion. Estimated growth of 37.9% in 2022-23, in view of record-high prices, has somewhat distorted this rate. This apparent strong performance also hides the effects of ongoing structural changes in Australia's wider industrial economy and the impact of... Learn More