AUSTRALIA - The gross value of Australian farm production is forecast to increase to $58.4 billion in 2016-17, according to the latest analysis released in the Agricultural Commodities report from ABARES, the research arm of Australia's agriculture department.
Acting ABARES Executive Director, Peter Gooday, said that if predictions are realised, the gross value of farm production would be around 13 per cent higher than the average value for the past five years.
There was also positive news for the fisheries industry in the report.
“Export earnings for fisheries products are also forecast to rise by 8 per cent to $1.7 billion in 2016-17, following an increase of 7 per cent in 2015-16,” Mr Gooday said.
The gross value of livestock production is forecast at $29.2 billion, which remains largely unchanged after an estimated 7.7 per cent increase in 2015-16.
Mr Gooday said: “Following a modest increase of 1.3 per cent in 2015-16, export earnings from farm commodities are forecast to fall slightly to $44 billion in 2016-17.
“While cattle prices are expected to remain strong, beef exports are forecast to fall by 12 per cent as herd rebuilding limits supplies for export.”
Commodities for which export earnings are forecast to fall in 2016-17 are beef and veal (-12 per cent), dairy products (-1 per cent), live feeder/slaughter cattle (-4 per cent) and mutton (-17 per cent).
Rises in export earnings are forecast for wool (6 per cent), sugar (21 per cent), wine (1 per cent), cotton (40 per cent), lamb (3 per cent) and canola (43 per cent).
TheFishSite News Desk