{"id":323593,"date":"2022-09-06T13:32:26","date_gmt":"2022-09-06T03:32:26","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=323593"},"modified":"2022-09-06T13:32:26","modified_gmt":"2022-09-06T03:32:26","slug":"farm-exports-tipped-to-reach-70-3b","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2022\/09\/06\/farm-exports-tipped-to-reach-70-3b\/","title":{"rendered":"Farm Exports Tipped To Reach $70.3b"},"content":{"rendered":"
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The national herd is returning to pre-drought levels, according to ABARES’ latest report (Photo: James Bredhauer)<\/figcaption><\/figure>\n

September 6, 2022<\/strong><\/p>\n

ABARES’ September quarter Agricultural Commodities Report has predicted agricultural export earnings will climb to a record $70.3 billion for 2022-23, almost 50 per cent more than 10 years ago, even after accounting for inflation.<\/p>\n

Executive director Dr Jared Greenville said the industry\u2019s predicted gross value of $81.8 billion showed it was performing strongly, with cropping leading the way.<\/p>\n

\u201cWinter crop prospects in Australia are looking very promising at the beginning of spring. We\u2019re forecasting a 55.5 million tonne harvest,\u201d Dr Greenville said.<\/p>\n

\u201cMeat production is also rebounding, with the national herd and flock returning to pre-drought levels.<\/p>\n

\u201cFavourable seasonal conditions are expected to persist, but global inflation and rising costs of farm inputs could cloud outlook for demand and farm incomes.<\/p>\n

\u201cIt\u2019s 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.\u201d<\/strong><\/p>\n

Dr Greenville said the latest ABARES forecasts factored in tapering global growth and the likelihood of a third straight La Ni\u00f1a, roughly a once in 30-year event.<\/p>\n

\u201cWidespread inflation and a sluggish Chinese economy are the main watchpoints,\u201d he said.<\/p>\n

\u201cGlobal food and fertiliser prices remain very high despite falling from peaks earlier in 2022.<\/p>\n

\u201cThe World Bank expects high global food prices through to the end of 2024 which will have adverse implications for global food security.<\/p>\n

\u201cWe\u2019re 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.<\/p>\n

“The value of cotton exports is forecast to reach a record $7 billion in 2022-23 to be the third most valuable export commodity after wheat ($11.7 billion) and beef ($10.2 billion).”<\/p>\n

External links:<\/strong><\/p>\n