Australian agricultural exports projected to hit record high

CANBERRA, June 7 (Xinhua) -- 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 65 billion Australian dollars (46.6 billion U.S. dollars) in the financial year 2022-23.

Crop exports alone are projected to account for 39.8 billion Australian dollars, 61 percent of the total, and livestock the remaining 25 billion Australian dollars.

Grain prices are projected to be exceptionally high driven by poor conditions in growing regions and the conflict in Ukraine.

The total value of Australia's agriculture, fisheries and forestry industries is expected to surpass 80 billion Australian dollars for just the second time.

"Soaring fertilizer costs and access to farm labor 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 in a media release.

"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." (1 U.S. dollar equals 1.40 Australian dollars)