Australia’s agriculture industry will produce a record $73 billion worth of produce in 2021-22 up from $66.3 billion in 2020-21 the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARE) September crop report released Monday said
The old saying Australia was built on a sheep’s back may have lost its impact but still today Australia produces around 60% of apparel wool (< 24.5 um) and 90% of fine apparel wool (<19.5 um) the Independent Review of Australian Wool Innovation showed.
Wool prices have been rising with shrinking supply and strong demand. Prices got a further boost to record levels with the falling Australian dollar, $AUDUSD traded down as low as US74.24c the lowest level since June last year.
Wool prices reversed trend at Australian wool auction sales this week as prompt demand rose with lighter volumes on offer. A falling Australian dollar impacted by China trade uncertainty was also supportive.
Australia’s agri-food exports increased in value for the seventh consecutive year in 2016/17, the top ﬁve destinations accounting for 48.2% of the value. The largest growth market in 2016/17 was India with China still the main destination.
Strong demand from China for Australian wool in 2016/17 saw higher exports with higher prices Rural Bank’s 2016/17 Australian Agriculture Trade Performance report showed.