Australian dairy exports climbed to A$3.25bn (US$1.76bn) in the year to June, an increase of 6% from the previous year and a record high.
For the 12 months ending June, exports continued to account for over half of Australia’s milk production, with 11.269bn litres of milk being produced.
“Strong commodity prices, favourable exchange rates, low interest rates and low inflation all helped our farmers,” Australian Dairy Corp (ADC) managing director Sandy Murdoch told Reuters News.
Murdoch also said that there is room for more growth, especially if the country could access the European and North American markets.
Currently, Japan is the main destination for Australian dairy exports, with $570.1m worth being sold to Japan in 2001/02. $326.9m worth was sold to the Philippines, while $219.7m was sold to Saudi Arabia.