Agriculture exports to rise despite global downturn
Australian agricultural exports will rise in both 2008/09 and 2009/10, according to a commodity forecast issued by the Australian Bureau of Agricultural and Resource Economics (ABARE).
Executive director of ABARE Phillip Glyde released the June issue of Australian Commodities yesterday and highlighted the good news.
“A forecast increase in winter crop production combined with relatively favourable world prices for many agricultural products is expected to support farm export earnings in the short term,” said Glyde.
Export earnings from farm-based commodities will increase by 16 percent to $31.8 billion by the close of the 2008/09 financial year, with a modest two percent rise predicted for 2009/10.
However, total earnings from Australia’s commodity exports could fall by up to $160 billion in 2009/10 due to lower contract prices for bulk commodities like coal and iron ore, and a decline in the value of energy exports.
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