Diversified exporters more resilient

Australian businesses have responded to the Morrison Government’s trade diversification program by looking to expand their export markets.

Australian exporters are looking to target new markets, including the US, the UK, India and Indonesia – where Australia already has, or is working towards, free trade agreements, according to Australia’s 2021 International Business Survey published today.

Minister for Trade, Tourism and Investment Dan Tehan said the Morrison Government was working to support trade diversification by pursuing trade liberalisation and investing $72.7 million in the Agribusiness Expansion Initiative.

“The results of this survey demonstrate the success of our Government’s work to support Australian businesses to be globally competitive,” Mr Tehan said. “Businesses also underscored the importance of market diversification when exporting, with those businesses selling into a greater number of export markets more likely to report being better off financially compared to a year ago”.

“Under the Agribusiness Expansion Initiative, we’ve already supported more than 5000 agribusinesses in their efforts to expand and diversify their exports. Our Australian exporters are dynamic and innovative operators, and their work is supporting domestic jobs and economic growth”. 

“The 2021 survey also highlighted how critical the Morrison Government’s COVID-19 emergency response measures have been. Our Government’s International Freight Assistance Mechanism helped maintain the air link between Australian exporters and nearly 60 international destinations, ensuring producers could continue to reach their international customers in the face of COVID-19 disruptions”.

To view Australia’s International Business Survey 2021, visit: https://export.org.au/eca-institute/australias-international-business-survey-aibs-2021/