Farm income is expected to remain strong but ease slightly through 2013 with the exports forecast for primary industries predicting a strong year, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
Recent figures from the December ABARES report forecasts the gross value of Australia’s agricultural, fisheries and forestry production to near A$46.9 billion in 2012-13 with Australia’s export income these industries also forecasted to remain strong at A$39.5 billion for 2012-2013.
“Today’s report shows that Australia’s agriculture, fisheries and forestry sectors continue to provide world class products for global markets,” Minister Ludwig said.
“This forecast is higher than the A$35.2 billion released by ABARES in September and if achieved, farm export earnings in 2012-13 will be around 24 per cent higher than the average of A$29 billion recorded over the five years to 2010-11."
ABARES Executive Director Paul Morris said that continued strong performance of rural exports is supporting this outlook, with the value of agricultural, fisheries and forestry exports forecast to be around A$39.5 billion in 2012-13, compared with a recent high of A$39.9 billion in 2011-12.
“For farm exports, the value is forecast to be around A$36 billion in 2012-13, slightly lower than a high of A$36.4 billion in 2011-12,” Mr Morris said.
“If achieved, farm export earnings in 2012-13 will be around 24 per cent higher than the average of A$29 billion (in nominal terms) recorded over the five years to 2010-11.”
Minister Ludwig said he was pleased with the forecast, with continued demand growth in the Asian region and markedly higher export prices for grains and oilseeds supporting earnings for Australian rural exports.
“The Australian Government is committed to our agricultural industries, making them more productive and positioning our farmers for the future,” added Minister Ludwig.
