Gross value of Australia's agricultural production set to break $70 billion mark for first time

Published 2021년 9월 13일

Tridge summary

Australia's agricultural production is expected to reach a record $73 billion in 2021-22 due to high yields, prices, and favorable seasons. The value of crop production is projected to increase by seven percent to a record $39.5 billion, and livestock production by eight percent to $33.5 billion. However, these conditions may not persist after 2021-22. The value of agricultural exports is also forecast to reach a record $54.7 billion, with growth in most major export commodities, except wine and live cattle. The demand for natural fibers is expected to increase as the world recovers from the pandemic.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The value of Australia's agricultural production is growing at millions by the minute, so much so it's set to break the $70 billion gross mark for the first time in history. In what ABARES describes as a "remarkable combination of events", record yields, prices and good seasons have combined for the record ag production forecast of $73 billion for 2021-22. It's an unprecedented upward revision in a single quarter for nearly 20 years, with an additional $8b added to the gross value after release of forecasts in June. Leading the way is the value of crop production, forecast to increase by seven per cent to a record $39.5b because of strong price increases for grains, cotton and sugar. ABARES says the value of livestock production is forecast to increase by 8pc to $33.5b, driven by higher volumes and hunger for young cattle. "The sector stands poised to capitalise on a remarkable combination of events. Both seasonal conditions and prices are forecast to be much better than earlier ...

Source: Farmweekly