PoN experienced shifting trade challenges

Port of Newcastle figures show that a change in demand and weather has had a big effect on its diversified trade results for 2023.

According to CEO Craig Carmody, the total trade figure, which contributed $48 billion to the economy, does not reflect a decrease in import and export volumes across our diverse trade.

“Overall, Port of Newcastle had an increase of almost five per cent in total trade volume, which can be attributed to the return of China to the Australian coal market, representing a quarter of all coal exports.

The Port’s exposure to carrying volume risk is evident, put simply if China did not lift their restrictions, the Port’s volumes would have been the lowest experienced in several years,” said Carmody.

Executive Manager of Business Development Matthew Swan says a decrease in enhanced exchange export volumes mirrored the ongoing difficulties confronting the market.

“After three years of ideal harvest conditions for agribusiness, the shift to El Niño has had a direct impact on our farmers, with wheat exports down 34 per cent to 1.7 million tonnes, with volumes subdued for CY2024.

It’s the first time wheat has been under two million tonnes since 2021. Meals and grain exports continued to perform well, with a 31 per cent increase in volumes (629,006 tonnes), and mineral concentrates experienced modest growth, with a total of 397,000 tonnes exported,” said Swan.

“2024 will be a year of consolidation and focus, one that focuses on expanding our existing container trade relationships, supporting wind and solar energy projects, along with the development of the Clean Energy Precinct,” Carmody added.