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A warming relationship with China has helped South Australia hit $17 billion worth of annual exports for the first time in the state's history.
The state's export growth outpaced neighbouring states with a 24 per cent increase for the 12 months to February, state minister for trade, Nick Champion revealed on Saturday.
Underpinning the recovery was increased demand by China for iron ore and concentrates, refined copper and wheat.
Mr Champion acknowledged the hard work of farmers, miners and businesses, as well as diplomatic efforts, which made the bumper result possible.
"Our growing trade ties with China – backed by the biggest harvest on record and the work being undertaken by the Albanese Labor government to stabilise our relations – has helped achieve this incredible result for the State's economy," Mr Champion said.
Exports from South Australia to China slumped to a low of just $1.85 billion for the year ending June 2022 after political tensions between the two countries boiled over amid disputes regarding COVID-19 and human rights.
Following an easing of tensions, annual trade between South Australia and China has since recovered to $2.5 billion. The state's total export value is $3.6 billion more than the same time last year.
Demand in other key Asian markets also surged including the South Australia's third-biggest export partner, Malaysia, which saw a 39 per cent jump to $1.33 billion for the year.
South Korea and the Philippines also saw firm increases in demand, up 110 per cent and 70 per cent respectively.
Last year, South Australian Premier Peter Malinauskas embarked on his first international trip in the role, travelling with a delegation to Japan and South Korea and speaking at a joint business conference in Tokyo.
A record local crop harvest of 12.8 million tonnes in the 2022-23 financial year, combined with high grain prices and reduced global supply, helped drive the record result.
Mr Champion said his state would continue to build on existing relationships within the Asia-Pacific region, while diversifying into new markets and adapting to changing global conditions.
"Our reputation as a producer of premium, quality products has increasingly led to South Australia becoming the number one choice across the globe," he said.
