According to the latest report by the Australian Bureau of Agriculture & Resource Economics and Sciences (ABARES) livestock and livestock product earnings are expected to increase 11.9% this fiscal year to a total value of $16.7 billion. However, crop export values are expected to fall by 7.4% to total $21.3 billion. ABARES also stated that beef exports to China are forecasted to increase 74% with demand greater than supply as China overtakes Korea as Australia’s third largest beef and veal export market. Earnings from beef and veal exports are expected to increase 12%. After a decrease of 2% last fiscal year, farm production is expected to increase 2.9% and crop production is expected to increase 3.9%. Dairy exports are forecasted to increase an impressive 24% and wine export earnings are expected to increase 5%.
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