September 7, 2017
Agriculture is now the largest contributor to national GDP growth and the fastest growing economic sector, according to figures cited on Thursday by Deputy Prime Minister Barnaby Joyce.
The agricultural sector also grew the fastest of all 19 industries in 2016-17, up 23 per cent.
Livestock and grain crops were major contributors, but other agriculture industries also performed strongly.
Minister Joyce said Australian agriculture contributed 0.5 percentage points of the nation’s total 1.9 per cent growth over the course of the year, an outstanding contribution given the size of the sector compared to total national GDP.
Agriculture contributed more than $50 billion in exports in 2016-17, just under 14 per cent of total goods and services exports.
This is up from $41 billion five years ago.
“While grains and livestock products each contributed around $10 billion each to this export performance, other agricultural industries are also billion dollar performers,” Minister Joyce said.
“For example, in 2016-17 our pulses exports to the world were worth over $3 billion, wine exports $2.4 billion, nuts exports $822 million and citrus over $330 million.
“Australia has seen great growth in produce to markets such as India.
“India is going nuts for Australia’s nuts with the value of almond exports up over 50 per cent for the first half of 2017.”
“Chickpea exports to India increased by almost 90 per cent in 2016-17 to a record value of $1.1 billion.”
Mr Joyce said strong growth had seen China overtake the United States as Australia’s most valuable market for wine for the first time ever.
Wine exports to China totalled $596 million in 2016–17, up 43 per cent on the previous year.
