Food and fibre sector export revenue has hit new heights reaching $57.4 billion for the year to 30 June 2023 bringing $1.2 billion more into the economy than was originally forecast. Ag Minister Damien O’Connor says its a new record and a significant growth of more than $4.3 billion (8%) on the previous year. He says now it is all about supporting our producers by opening doors for exporters wherever we can. Mr O’Connor thanked the producers and says the record results show resilience in global economic headwinds and even though prices have dropped exports are forecast to climb to $62 billion by 2027. Dairy export hit a record $26 billion, up 18% on the previous year. Horticulture, seafood, and arable sectors grew by $254 million, $178 million and $21 million respectively. Damien O’Connor says the recent drop in commodity prices and higher farm expenses will affect farmers over the coming year…but feels inflation has peaked and on-farm costs like fertiliser have dropped.
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