Farm export earnings remain strong
Story Added : 23rd June 2011
ABARES acting deputy executive director, Kim Ritman, said export earnings from the rural and mineral resources sectors are expected to reach a record of $256 billion in 2011-12.
“This forecast of commodity export earnings represents an increase of 18 per cent from an estimated $218 billion in 2010-11 and an upward revision from the forecast released in March,”
Dr Ritman said.
The value of farm exports is forecast to increase by about 7 per cent in 2011-12 to $34.1 billion, following an estimated rise of 12 per cent to $32 billion in 2010-11.
“This forecast increase mainly reflects expected higher farm production and a favourable outlook for agricultural prices on world markets, which is expected to more than offset the impact of a strong Australian exchange rate, especially against the US dollar,” Dr Ritman said.
According to the report, export earnings for wheat, oilseeds, rice, raw cotton, wine, wool and sheepmeat are predicted to increase over the next 12 months.
“These increases are forecast to more than offset expected lower export earnings for barley, sugar, beef and veal, grain sorghum and some dairy products in 2011-12,” Dr Ritman said.