Canberra, (Asian independent) The value of Australian agricultural exports is expected to hit a record high in the next financial year, according to government projections.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) recently published the latest Australian Crop Report, revealing that agricultural exports will hit A$65 billion ($46 billion) in the financial year 2022-23, reports Xinhua news agency.
Crop exports alone are projected to account for A$39.8 billion, 61 per cent of the total, and livestock the remaining A$25 billion.
Grain prices are projected to be exceptionally high driven by poor conditions in growing regions and the war in Ukraine.
The total value of Australia’s agriculture, fisheries and forestry industries is expected to surpass A$80 billion for just the second time.
“Soaring fertilizer costs and access to farm labour and imported machinery will continue to challenge many Australian farm businesses, but Australia has shown throughout the pandemic that we are a reliable and resilient food producer and exporter,” Jared Greenville, executive director of ABARES, said on Tuesday.
“Reduced confidence in international markets is a concern for Australian producers as they are central to both global food security and the long-term prosperity of Australian agriculture.”
Beef and veal were Australia’s leading agricultural export products, at a value of A$8.4 billion in the 2021 financial year.
Aside from these, the country is also a popular exporter of wheat, the export value of which equaled A$6.8 billion in the same year.