According to the Bureau Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), the gross value of Australian farm production is set to increase to $58.4 billion in 2016–17, although export earnings from farm commodities are expected to fall slightly to $44 billion.
The latest ABARES Agricultural Commodities report forecasts that gross value of Australian crop production will increase by 6.6% to $29.2 billion, while that of livestock will remain largely unchanged at $29.2 billion.
However, the report presents a mixed outlook for export earnings from farm commodities.
While earnings from wheat are expected to remain largely unchanged, they are set to rise for wool (up 6%), sugar (up 21%), wine (up 1%), cotton (up 40%), lamb (up 3%) and canola (up 43%).
Export earnings for fisheries will also increase, by an estimated 8% to $1.7 billion.
But ABARES expects declining export earnings for beef and veal (down 12%), dairy products (down 1%), live feeder/slaughter cattle (down 4%), and mutton (down 17%).