Sustained high growth in primary industry exports looks set to continue over the next two years with strong prices predicted for farmers, fishers, growers and rural communities.
The latest Situation and Outlook report for the Primary Industries was released yesterday by Minister of Agriculture and Minister of State for Trade and Export Growth Damien O'Connor.
The report showed record results, with revenue up 3.3 per cent on the previous year, forecast to reach a record $47. 9 billion for the year to June 2020 said O'Connor.
"Our horticulture sector is set to become the third largest primary sector industry by value, overtaking forestry. Kiwifruit exports alone are expected to rise by 8.6 per cent to $2.5 billion''.
There was good news for other sectors as well:
• Meat and wool exports were forecast to reach $10.4b for the year ending June 2020, 2.5 per cent higher than the previous year.
• Dairy export revenue forecast to rise 8.4 per cent to $19.6b.
• A faster recovery in log export prices than expected last quarter had resulted in the forestry forecast being revised upwards of $190m.
Fisheries Minister Stuart Nash said a significant milestone had been reached for the seafood sector.
"It's a fantastic vote of confidence to see that annual seafood export earnings are expected to pass $2 billion for the first time. The growth in this industry is underpinned by an increase in export prices and rising aquaculture production.
"It's really encouraging to see sustained growth within the seafood sector, with squid and salmon helping lead the way."
During a time of change in the primary sectors, O'Connor said the positive outlook was a testament to each and every person working in the sector.
"Our nation's farmers and growers produce some of the highest quality food and fibre in the world – and the world knows it. They are bringing home record export returns and that's something for them to be really proud of".
Read the latest Situation and Outlook for Primary Industries below: