Australian agricultural exports head for record highs
AUSTRALIAN farm exports are forecast to be around $38 billion in 2013-14 - a result of higher forecasts for beef and veal, wine, and dairy products - according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
ABARES executive director, Karen Schneider, said if farm exports reachwd the forecast $38 billion, this would be a record high in nominal terms and around 8 percent above the average over the five years to 2012-13 in real terms. ABARES released its latest assessment on the outlook for agricultural export earnings in the December edition of Agricultural Commodities yesterday.
"Livestock and livestock product export earnings are forecast to increase by 11.9 percent in 2013-14 to $16.7 billion," Ms Schneider said.
"Export earnings are forecast to increase by 12 percent for beef and veal, 24 percent for dairy products and 4 percent for wine.
"Export earnings from fisheries products are forecast to increase by 6.2 percent to $1.25 billion, following a decline of 4.2 percent in 2012-13.
"Reflecting mainly the impact of lower world prices for grains and oilseeds, the value of crop exports is forecast to decline by 7.4 percent in 2013-14 to around $21.3 billion."
For the current financial year, farm production is forecast to rise by 2.9 percent, crop production is forecast to rise by 3.9 percent and livestock production is forecast to increase by 1.6 percent.
"The gross value of farm production is forecast to increase by 6.3 percent to $50.9 billion in 2013-14, compared with a small decline of 0.3 percent in 2012-13," Ms Schneider said.
The Agricultural Commodities report is available on the department's website, ABAREs publications.
ABARES produces economic and scientific research, commodity forecasts, statistics and other analysis to inform markets and provide a strong evidence base to develop public policy for agriculture.