FARM exports are looking good according to a five-year forecast given at the annual ABARES Outlook Conference.
Average farm production and exports are both expected to lock in at the higher levels of recently years with the average 2022-23 figures expected to match those of last year’s result.
Opening the ABARES Outlook Conference, agriculture and water resources minister David Littleproud said a slight dip was expected after the 2016-17 record result, but with good improvement in the following four years.
“Last year was a record breaking season exceeding $60bn for the first time,” he said.
“Even with a forecast decline in 2017–18, the gross value of farm production is set to reach $59bn in 2017-18, with $47bn worth of exports following average winter crop production. While not as high as 2016-17, that is an outstanding result.”
Mr Littleproud said the value of exports is forecast to increase to almost $50bn by 2022-23.
“What was a stellar outcome last year is set to become normal practice for Australia’s highly productive farmers,” he said.
“We continue to see increased demand for our clean, green produce in Asia.”