Australia’s farming and natural resource exports to grow next financial year
According to commodities forecaster the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), the farming, fisheries and forestry export sectors are expecting further growth in the next financial year.
Supported by a continued demand from Asia, the Agricultural Commodities June quarter report projected the value of the industry to be approximately $38.1 billion in 2012-13.
Dr Kim Ritman, ABARES’ acting executive director, said: “Farm export earnings are forecast to be around $34.4 billion in 2012-13,” 4.5 percent lower than the estimated high of $36 billion in 2011–12. However, the figures are still higher than the recorded figure of $32.4 billion in 2010-11.
Forest products are estimated to increase to $2.4 billion (3.4 percent), fisheries is expected to rise to approximately $1.3 billion (1.5 percent) and Australian sale-yard meat produce prices are predicted to continue relatively high at an average of 320 cents a kilogram.
In the 2011-12 estimation, ABARES predicted wheat prices to be roughly US$298 a tonne, however in a revised prediction, it is now estimated to project around US$260 a tonne in 2012–13.
“This downward revision mainly reflects forecast lower world prices for some agricultural commodities,” Ritman advised.