Agriculture exports in Austraia are forecast to reach A$70.1 billion in 2024–25, the third-highest figure on record.
The Labor government has announced it is expecting another strong year in exports for Australian farmers with a range of tariff cuts providing new and improved access to major markets.
The Government says this is a result of the lifting of trade impediments affecting exports to China on goods such as barley, oaten hay, cotton, timber, wine and seafood.
According to The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) high carryover stocks from record production years between 2020–21 and 2022–23 have been depleted therefore crop export volumes are forecast to fall by 5% despite greater crop production.
ABRES also expects lower crop export values (down $3.4 billion) will outweigh expected increases in livestock and livestock product export values (up $2.1 billion).
Further, the gross value of agricultural production is expected to rise by $6 billion in 2024-25, to an overall value of $88.4 billion.
Australia’s network of free trade agreements with the United Kingdom and India are also expected to continue to deliver valuable opportunities for red meat, grain, seafood, horticulture and other agricultural industries.
2024-25 is also forecast to be the fourth consecutive year of growth in beef and sheep meat export volumes, as the U.S., China, Japan and emerging markets in the Middle East increase their demand.
Additionally, a trade agreement signed between Australia and the United Arab Emirates in November 2024 is expected to deliver greater market access opportunities once implemented.
"Our job is to continue supporting our primary producers by opening doors for exporters and build on the significant trade outcomes we have achieved since coming to office,” said Minister for Trade and Tourism, Don Farrell.
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