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Agricultural Export Earnings Remain High

20 June 2012, at 9:15am

AUSTRALIA - Australia’s export earnings from agricultural and natural resources based products are forecast to remain high in 2012–13.

According to the Agricultural Commodities – June quarter 2012 report, released today, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) has forecast the value of agricultural, fisheries and forestry exports to be around A$38.1 billion in total in 2012–13.

ABARES acting Executive Director, Dr Kim Ritman said export earnings from Australia’s rural exports are expected to remain high in 2012–13.

“This is supported by continued strong demand in the Asian region,” Dr Ritman said.

“Farm export earnings are forecast to be around A$34.4 billion in 2012–13.”

Although this forecast is 4.5 per cent lower than an estimated high of A$36 billion in 2011–12, it is still markedly higher than the A$32.4 billion recorded in 2010–11 and the average of A$29.7 billion over the five years ending 2010–11.

Export earnings from forest products are forecast to increase by 3.4 per cent to A$2.4 billion in 2012–13, compared with estimated earnings of A$2.3 billion in 2011–12.

For fisheries products, export earnings are forecast to rise by 1.5 per cent to around A$1.3 billion in 2012–13, after remaining largely unchanged in 2011–12.

The updated 2012–13 forecast of export earnings from agricultural and natural resources based products represents a marginal downward revision to the forecast of A$38.9 billion released by ABARES in March 2012.

“This downward revision mainly reflects forecast lower world prices for some agricultural commodities,” Dr Ritman said.

Reflecting increased world supplies, the world indicator wheat price is forecast to average around US$260 a tonne in 2012–13, compared with an estimated US$298 a tonne in 2011–12.

For beef and veal, the Australian saleyard price is forecast to remain relatively high at an average of A$.320 cents a kilogram in 2012–13.