Australia’s earnings from agricultural, fisheries and forestry exports are forecast to remain strong in 2012-13, at around $39.5 billion. Source: ABARES
In welcoming Agricultural commodities – December 2012, released by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), Minister for Agriculture, Fisheries and Forestry, Senator Joe Ludwig, said the agricultural sector can be reassured by the latest forecasts.
“Today’s report shows that Australia’s agriculture, fisheries and forestry sectors continue to provide world class products for global markets,” Minister Ludwig said.
“This forecast is higher than the $35.2 billion released by ABARES in September and if achieved, farm export earnings in 2012-13 will be around 24 per cent higher than the average of $29 billion recorded over the five years to 2010-11.
“There is also encouraging news for livestock producers, with livestock production forecast to increase by 2.3 per cent in 2012-13, partially offsetting the impact of generally lower livestock prices on farm incomes.”
The value of crop exports is forecast to remain relatively high at around $21.7 billion in 2012-13, with fisheries export earnings forecast to be around $1.2 billion, largely unchanged from 2011-12.
Export earnings from forest products are forecast to increase by around 2 per cent to $2.3 billion in 2012-13, up from $2.2 billion in 2011-12.
Minister Ludwig said he was pleased with the forecast, with continued demand growth in the Asian region and markedly higher export prices for grains and oilseeds supporting earnings for Australian rural exports.
“The Australian Government is committed to our agricultural industries, making them more productive and positioning our farmers for the future,” Minister Ludwig said.