Global food trade: Australia’s farming export...
Global food trade

Australia’s farming exports forecast to reach record $70.3 billion

IMAGO / AAP
“It’s the first time our exports are expected to exceed $70 billion, showing the ability of our farmers to navigate considerable global economic uncertainty and to make a strong contribution to global food supplies,” said ABARES Executive Director Dr Jared Greenville.
“It’s the first time our exports are expected to exceed $70 billion, showing the ability of our farmers to navigate considerable global economic uncertainty and to make a strong contribution to global food supplies,” said ABARES Executive Director Dr Jared Greenville.

AUSTRALIA, Canberra. Australia’s agricultural department expects “exceptional growing conditions and high global prices” for domestic agricultural production and exports. Record-breaking estimates of more than AUD 70 billion in agricultural exports indicate an upswing in production capacities.

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) released its quarter Agricultural Commodities Report. The science and economics research division of the Department of Agriculture, Fisheries and Forestry is forecasting agricultural export earnings to climb to a record AUD 70.3 billion for 2022-23 – almost 50% more than what it was ten years ago after accounting for inflation.


ABARES Executive Director Dr Jared Greenville said the industry’s overall forecasted gross value of AUD 81.8 billion shows it is performing strongly, with cropping leading the way.

“Winter crop prospects in Australia are looking very promising at the beginning of spring - we’re forecasting a 55.5 million tonne harvest,” Dr Greenville said. “Meat production is also rebounding, with the national herd and flock returning to pre-drought levels,” added Greenville.

Dr Greenville said the latest ABARES forecasts factored in tapering global growth – and the likelihood of a third straight La Niña, roughly a once in 30-year event.

“Widespread inflation and a sluggish Chinese economy are the main watchpoints,” he said. “Global food and fertiliser prices remain very high despite falling from peaks earlier in 2022. The World Bank expects high global food prices through to the end of 2024, which will have adverse implications for global food security. We’re seeing Australian agriculture leaning into this uncertainty, with continued global demand for our food and fibre, another bumper winter crop and the forecast of continued favourable growing conditions,” emphasised Greenville.

Source: Department of Agriculture, Fisheries and Forestry

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