Cropping knocked off beef and cattle to become Australian agriculture's most valuable export sector for 2016/17.
Rural Bank's 2016/17 Australian Agriculture Trade Performance report says agricultural exports rose by $3.9 billion to almost $50 billion in the last financial year, mainly because of a bumper year for grain and fibre.
The total value of crop exports was $13.9 billion - up by $3.7 billion - as farmers benefited from good seasonal conditions.
The value of beef and cattle exports was $9.5 billion - down by $1.9 billion - as a 16 per cent drop in cattle slaughter hit export volumes.
Rural Bank's general manager of agribusiness, Andrew Smith, says the cropping sector increased winter crop production by 49 per cent, which offset lower export prices for wheat and coarse grains.
"The year's value increase in cropping was largely to do with exceptional seasonal conditions that we haven't seen a repeat of this year," Mr Smith said on Monday.
"However, the long-term trend of expanding international markets will continue to drive value in Australia's exports."
In 2016/17, Australian wheat exports to India soared by 920 per cent after tariffs were reduced.
Indonesia, the Philippines and Vietnam also bought a lot more Australian wheat.
Canola production lifted by 85 per cent and strong European demand boosted prices.
But lower volumes are expected in 2017/18.
India also bought more Australian cotton, increasing its intake by 569 per cent, as Australian cotton farmers expanded the area of cotton planted.
Bangladesh lifted its imports of Australian cotton by 270 per cent.
Cotton production in Australia is expected to lift slightly in 2017/18, further boosting exports.
China reduced its imports of Australian cotton in 2016/17 but expressed strong demand for Australian wool.
Rural Bank said demand for wool is likely to remain strong, especially for fine wools.
Seventy-seven per cent of Australia's beef exports went to Japan, the US, South Korea and China.
Japan was the only country among those four to lift imports from Australia.
Exports to the US fell by 39 per cent as the US and Brazil led an increase in global production.
Rural Bank said Australian beef production is likely to increase in 2017/18, leading to greater export volumes.
Rural Bank, which was originally known as Elders Rural Bank, has been a wholly owned subsidiary of Bendigo and Adelaide Bank since 2010.
