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Australian Forecasts for Beef, Veal, Dairy Products High

11 December 2013

AUSTRALIA - Australian farm exports are forecast to be around $38 billion in 2013–14, with higher forecasts for beef and veal, wine, and dairy products, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).

ABARES released its latest assessment on the outlook for agricultural export earnings in the December edition of Agricultural Commodities.

ABARES Executive Director, Ms Karen Schneider, said that if farm exports reach the forecast $38 billion, this would be a record high in nominal terms and around 8 per cent above the average over the five years to 2012-13 in real terms.

"Livestock and livestock product export earnings are forecast to increase by 11.9 per cent in 2013–14 to $16.7 billion," Ms Schneider said.

"Export earnings are forecast to increase by 12 per cent for beef and veal, 24 per cent for dairy products and 4 per cent for wine.

"Export earnings from fisheries products are forecast to increase by 6.2 per cent to $1.25 billion, following a decline of 4.2 per cent in 2012-13.

"Reflecting mainly the impact of lower world prices for grains and oilseeds, the value of crop exports is forecast to decline by 7.4 per cent in 2013–14 to around $21.3 billion."

During this financial year, farm production is forecast to rise by 2.9 per cent, crop production is forecast to rise by 3.9 per cent and livestock production is forecast to increase by 1.6 per cent.

"The gross value of farm production is forecast to increase by 6.3 per cent to $50.9 billion in 2013-14, compared with a small decline of 0.3 per cent in 2012–13," Ms Schneider said.

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