ABARES predicts Australian 2012 agrifood export figures
A commodities report released today by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), forecasts the value of farm exports will rise by around 6 per cent to A$34.5 billion in 2011–12, reflecting expected higher exports and relatively favourable agricultural prices.
ABARES forecasts the demand for agricultural products in the Asian region is expected to remain strong, with more than 60 per cent of Australia’s farm exports to the Asian region in 2010–11.
ABARES has forecast livestock and livestock products will increase by close to 2 per cent in 2011–12, reflecting higher lamb turn–off rates and increased wool and milk production.
The good news continues for livestock producers, who are expected to continue to rebuild herd and flock numbers to take advantage of relatively favourable seasonal conditions.
Fisheries and forestry export earnings are forecast to increase too, to around A$1.4 billion and A$2.5 billion in 2011–12 respectively, taking the total value of Australian agricultural, fisheries and forestry exports A$38.4 billion in 2011–12, an increase of around 6 per cent from $36.1 billion in 2010–11.
Minister for Agriculture, Fisheries and Forestry, Senator Joe Ludwig, today welcomed the forecast. He said, “The forecast for increased export earnings is good news for producers at any time, but particularly when world economic growth is expected to slow down. The forecasts are evidence of the hard work and ground–breaking approaches adopted by Australian producers.”