Australia’s total farm production values for the coming financial year will struggle to match exceptional results achieved in 2016-17, but at almost $60 billion they will still be well above average.
Export earnings are tipped to hold firm at about $48b in 2017-18, thanks to surging cotton and dairy values and rising values for beef, wool and wine going overseas.
Cotton exports alone are tipped to earn $2.63b, the highest figure in five years.
The gross value of Australian farm production is forecast to dip by 4.6 per cent to $59.9 billion – down on the past year’s $62.4b.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said gross farm production would still be 9pc higher than the $55b average since 2012.
Acting ABARES executive director, Peter Gooday, said despite the forecast decline the outlook for this year was positive.
“Gross value of livestock production is forecast to increase by 3.5pc to $30.2b, driven by expectations of price rises for livestock products, particularly wool and dairy,” he said.
Among the farm export earnings categories set to rise in 2017-18 are beef and veal (up 4pc), wool (6pc), dairy products (14pc), cotton (34pc), wine (5), lamb (4pc), live feeder/slaughter cattle (3pc) and rock lobster (2pc).
Mr Gooday said in Australian dollar terms, export prices of wool, wine, lamb, barley, cheese and sheepmeat were all forecast to lift in 2017-18.
However, after a massive winter harvest in 2016 grain exports for the year ahead were likely to be less special, notably chickpeas (down 44pc), canola (19pc), and wheat (3pc).
Summer coarse grain export expectations are also likely to be down 23pc, while sugar and mutton exports are tipped to drop 7pc and 5pc respectively.