The world is going mad for Australian agricultural produce as overseas markets demand locally grown nuts such as almonds and macadamias as well as agricultural mainstays such as beef, lamb, wool and cotton.
The value of Australian agricultural production is expected to increase 8.3% this fiscal year to $ 63.8 billion, thanks to favorable seasonal conditions in most agricultural areas and high prices of major exports such as beef, l lamb and wool.
Production records have been broken across the country, and with the overwhelming majority of our agricultural products sent overseas, the value of agricultural exports is expected to reach $ 47.7 billion in 2016-2017 and grow even further. next year, to hit a record $ 48.7 billion.
Australia is expected to export a record volume of wheat (22.8 million tonnes), barley (7.4 million tonnes) and chickpeas (1.4 million tonnes), and earn a record 75 million more dollars from cherry exports.
But a new story is emerging behind the Australian farm. The value of tree nuts exports is expected to reach $ 760 million in 2016-17, down from last year but still the second highest on record.
This wild success has enabled Australia to become the second largest exporter of almonds in the world and the largest exporter of macadamia nuts. The biggest buyers of Australian almonds in 2015-16 were India and Spain, while the biggest buyer of Australian macadamias was China.
Australia’s agricultural boom is reflected in figures to be released on Tuesday by the Federal Government’s agricultural economics forecaster, Australian Bureau of Agricultural and Resource Economics and Sciences, at Outlook 2017 in Canberra.
âThe exceptional value of agricultural production this year is a result of record agricultural production and strong performance across all livestock industries,â said Peter Gooday, Executive Director of ABARES.