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Farm export earnings tipped to fall in 2010

Farm export earnings tipped to fall in 2010 article image
Australia’s farm export earnings are forecast to fall in 2009/10, after increasing strongly in 2008/09, according to the Australian Bureau of Agricultural and Resource Economics (ABARE). ABARE’s December issue of Australian commodities, released by Dr Terry Sheales, deputy executive director for ABARE, forecasts the value of Australia’s farm exports will fall by six percent to $30 billion in 2009/10, following a significant rise of 16 percent to $32 billion in 2008/09. "The forecast decline in farm export earnings in 2009/10 mainly reflects the adverse effects of a significantly higher Australian exchange rate, especially against the US dollar, and a downward revision to winter crop production in the current season," Dr Sheales said. Earnings from energy and minerals exports are also forecast to fall by 20 percent to close to $129 billion in 2009/10, while total earnings from Australia’s commodity exports are forecast to fall by 18 percent to $163 billion in 2009/10, following a rise of 33 percent to $197 billion in 2008/09.

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