The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) forecasts Australian farm exports to reach $38 billion in 2013-14.
According to the media release issued by ABARES, the latest assessment on the outlook for earnings from agricultural export reveals meat, wine and dairy products as top export leaders.
“Livestock and livestock product export earnings are forecast to increase by 11.9% in 2013–14 to $16.7 billion,” said ABARES Executive Director, Ms. Karen Schneider.
“Export earnings are forecast to increase by 12% for beef and veal, 24% for dairy products and 4% for wine.”
Ms. Schneider further revealed that if farm exports reach the assessed $38 billion mark, it would mean a 8% increase in the last five years to 2012-13.
According to her, export earnings from fisheries products are set to increase by 6.2% to $1.25 billion, following the recorded decline of 4.2% 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% in 2013–14 to around $21.3 billion,” added Ms. Schneider.
Further, farm production is expected to record an increase of 2.9% during this fiscal year. Crop production and livestock production are also set to increase by 3.9% and 1.6% respectively.
“The gross value of farm production is forecast to increase by 6.3% to $50.9 billion in 2013-14, compared with a small decline of 0.3% in 2012–13,” Ms. Schneider said.
The assessment by the Australian Bureau of Agricultural and Resource Economics and Sciences is featured in the Agricultural Commodities, December edition.
The Agricultural Commodities report can be found on the ABARES official website, publications section.
ABARES produces world-class economic and scientific research, commodity forecasts, statistics and other analysis in order to inform markets and provide a strong evidence base to develop public policy for agriculture.