Trade performance
Summary of the Port of Melbourne’s trade performance in 2023-24
| Cargo type | Throughput 2023-24 | % change on 2022-23 |
|---|---|---|
| Total trade | 112.0 million revenue tonnes | +2.8% |
| Containers (TEU) | 3.26 million TEU | +2.4% |
| New motor vehicles | 6.4 million revenue tonnes (412,243 units) | +9.9% |
| Liquid bulk | 5.9 million revenue tonnes | +1.8% |
| Dry bulk | 5.7 million revenue tonnes | +3.0% |
| Breakbulk | 10.1 million revenue tonnes | -1.8% |
More detail for 2023-24
Total trade
Total trade through the Port of Melbourne for FY24 increased by 2.8% over the previous financial year to a record 112.0 million revenue tonnes. Total imports increased 3.5% to 62.5 million revenue tonnes and total exports increased by 1.9% to 49.4 million revenue tonnes.
Overseas imports increased 4.3% to 50.6 million revenue tonnes and overseas exports increased by 2.5% to 38.1 million revenue tonnes. Coastal imports increased by 0.2% to 12.0 million revenue tonnes and coastal exports also increased just 0.1% to 11.3 million revenue tonnes
Container trade
Total container throughput for the 2023-24 financial year was 3.26 million TEU which was 2.4% above the 3.19 million TEU recorded in FY23. Full containers increased by 2.3% with imports and exports up 1.7% and 3.2% respectively, while empty containers movements increased by 2.7% to 909,000 TEU. The increase in full container throughput was primarily attributable to the 3.2% increase in exports with the lifting of tariffs by China contributing to increased volumes of barley and timber in FY24. In addition, cost of living pressures continued to impact consumer spending contributing to the modest 1.7% increase in full container imports.
New motor vehicles
New motor vehicle trade increased 9.9% in FY24 to 6.4 revenue million tonnes, which equated to 412,243 units. Imports gained 13.2% while exports declined 11.8%.
Liquid bulk
Total liquid bulk trade increased 1.8% to 5.9 million revenue tonnes (4.7 million mass tonnes), with petroleum product imports accounting for 88% of the FY24 total. Increased demand for petroleum-based fuels, particularly diesel, and a 53% increase in tallow exports driven by the global biofuels industry, were the main trades responsible for the increase.
Dry bulk
FY24 dry bulk trade increased by 3.0% to 5.7 million revenue tonnes (5.3 million mass tonnes). This increase was primarily attributable to the export sector which increased 7.8% to 1.9 million revenue tonnes following another above average winter crop for Victoria in FY24. Barley shipments to China were the main contributor to the increase following the lifting of tariffs in August 2023. The import sector increased just 0.8% to 3.7 million revenue tonnes with increases in volumes of gypsum, fly ash and slag almost entirely offset by declines in raw sugar and cement.