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Australia has improved its agricultural export forecast for the 2020/21 season as heavy rains have boosted production, and even increased trade tensions with China have hurt demand for a number of products this year.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said on Monday (December 7, 2020) agricultural exports will total A$ 49.24 billion ($ 36.59 billion) for the current season ending at the end of June 2021, up 1% from its previous estimate of A$48.8 billion in September.
The export rise could give a further boost to Australia’s economy which has rebounded sharply in the third quarter from a coronavirus-induced recession.
“Australian agricultural production is bouncing back from the drought,” said ABARES executive director Steve Hatfield-Dodds, pointing to the heavy rains which have ended a three-year drought across the country’s east coast.
“We’re expecting a near all-time high winter crop, the best ever in New South Wales, and a more favourable outlook for summer cropping than we have seen in recent years.”
The upgrade comes as tensions between Australia and its largest trading partner China have mounted this year.
Beijing has imposed a series of trade reprisals after Australia led calls for an international inquiry into the coronavirus.
ABARES acknowledged that the outlook for Australia’s barley and wine industries was depressed by China’s decision to impose tariffs on each.
Source: Online/SZK
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