CANBERRA, March 3 (Xinhua) -- The value of Australia's agricultural production is set to reach a record high in the current financial year and surpass the industry's 2030 target four years early, according to government projections.
Forecasts released on Tuesday by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) estimated that the national agriculture gross production value will hit a record 101.4 billion Australian dollars (about 72.1 billion U.S. dollars) in FY2025-26.
It would be the first time that the annual agriculture gross production value has surpassed 100 billion Australian dollars, achieving the 2030 target set by peak industry body the National Farmers' Federation four years early.
Including fisheries and forestry industries, ABARES said the gross production value is expected to reach 107.4 billion Australian dollars in FY2025-26, which would also be a combined record.
ABARES said that the value of agricultural exports is forecast to increase 6 percent year on year to 80.5 billion Australian dollars in FY2025-26, rising to 84.8 billion Australian dollars when including fisheries and forestry exports.
The total value of agricultural production is expected to fall to 95 billion Australian dollars in FY2026-27 due to below-average rainfall and lower crop prices, data from ABARES showed. ■
