Food and fibre sector export revenue has hit new heights reaching $57.4 billion in the year to 30 June, bringing $1.2b more into the economy than was originally forecast.
Agriculture Minister Damien O'Connor released the updated Situation and Outlook for Primary Industries report on Wednesday.
He said the new record surpassed the previous forecast released two months ago of $56.2b to the year ending June 2023, and is 8 percent up on the previous year to 30 June 2022.
"The focus on trade and export growth remains a major cornerstone in our government's economic recovery plan, with the securing of new FTAs like the UK and EU, as well as an upgrade to the China FTA," he said.
"These are resulting in more export opportunities and more value being derived."
Dairy export revenue reached a record $26b, an increase of 18 percent on the previous year.
Horticulture was up 4 percent, seafood 9 percent and arable 8 percent.
Meat and wool was down 2 percent and forestry down 3 percent.
O'Connor said the record results show resilience in global economic headwinds and though prices have come off peaks exports are forecast to climb to $62b by 2027.