Australia’s Agricultural Exports To Hit $38 Billion

The Australian Bureau of Agriculture and Resource Economics and Sciences December commodity report h…

The Australian Bureau of Agriculture and Resource Economics and Sciences December commodity report has been released, predicting an 11.9 percent rise in livestock and livestock product earnings this financial year, bringing it to $16.7 billion.

However, according to weeklytimesnow, crop export values are expected to drop 7.4 percent to roughly $21.3 billion.

The report also found that beef exports to China are forecast to jump 74 percent, with demand in the region outstripping local production.

While this rise is off a low base, ABARES chief commodity analyst Jammie Penm said China is a huge opportunity for Australia’s agricultural industry.

"China is really a rising star as an agricultural export market for Australia,'' he said.

"We are optimistic China's beef imports will remain a strong option for Australia.''

Other findings from the report include:

• Beef and veal export earnings are forecast to increase by 12 percent
• Farm production volume is forecast to increase by about 2.9 percent this financial year, after a decline of two percent last financial year
• Crop production is expected to rise 3.9 percent
• Livestock production is to lift 1.6 percent, a drop from four percent last financial year
• Dairy product exports are expected to rise 24 percent
• Wine export earnings are forecast to increase five percent
• The Australian Eastern Market Indicator price for wool is forecast to increase about six percent to an average 1100 cents a kilogram