In some good news for the agriculture sector in Australia, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) says the country's gross value of farm production is expected to achieve a record of $49 billion in 2013-14.
This continues the recovery in the farm sector from the drought-affected decade of the 2000s, a press release issued by the ABARES said.
The value of farm production was expected to exceed $46 billion for the fourth year in a row, said Paul Morris, executive director of ABARES while releasing the September edition of Agricultural Commodities on Tuesday.
"However, improved returns are not the universal experience across the sector, with some producers still suffering from adverse seasonal conditions and other producers facing declining prices for their products," the release quoted Morris as saying.
Although the value of exports is also expected to remain firm, ABARES report says, it could see slight easing.
The value of exports is expected to remain firm, but with a slight easing to $37.2 billion in 2013-14 from the record high of $38 billion achieved in 2012-13, the release said.
Export earnings on farm commodities are forecast to increase in 2013-14. This includes beef and veal (up 6 per cent), dairy products (15 per cent) and wine (8 per cent).
The release also pointed out of positive growth trends in livestock and livestock products. Earnings in the segment, it said, have been helped by higher world prices for dairy products and lamb, and the depreciation of the Australian dollar.
However, the release says, this increase is expected to be offset by lower export earnings for wheat (down 4 per cent), canola (33 per cent) and cotton (16 per cent).
This decline in grains and oilseeds returns is, in part, a result of a decline in world prices for grains and oilseeds due to increased supplies in the United States and the Black Sea region.
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