Australian Government Media Release - 23 June 2008
Australia's commodity export earnings are forecast to increase by 40% to a record $212 billion in 2008-09. This and other commodity forecasts for 2008-09 are contained in the June issue of Australian Commodities released today by Ms Karen Schneider, acting executive director of ABARE.
Export earnings from the farm sector are forecast to be around $30 billion in 2008-09, a rise of 12% on 2007-08. Although prospects are encouraging, seasonal conditions will be a critical factor in achieving those estimates.
Agricultural commodities for which export earnings are forecast to increase in 2008-09 include wheat, barley, canola, pulses, grain sorghum, cotton lint and seed, sugar and wine. With winter crop production in Australia forecast to increase by 65% in 2008-09 to 37 million tonnes, export earnings from these crops are forecast to increase by 66%.
However, while the forecast recovery in farm sector is very encouraging, the strength of Australia's minerals and energy exports continues to underpin commodity sector performance. The value of Australia's minerals and energy exports is forecast to be around $178 billion in 2008-09, compared with an estimated $120 billion in 2007-08.
