Australia set for record crop exports after heavy rains

Australia is expected to report record-breaking agricultural exports in the current financial year, the government said on Tuesday, after years of high rainfall boosted yields.

Agricultural exports are forecast to hit a record $75 billion in 2022–23, according to the federal Australian Bureau of Agricultural and Resource Economics (ABARES).

Australia's winter crop production, driven predominantly by wheat, is estimated to have hit a new record of 67.3 million tonnes in 2022–23.

The total value of production including fisheries and forestry, is due to hit $96 billion, also a record.

"Australia is benefitting from a third consecutive year of high rainfall, and it shows in the figures," ABARES executive director Jared Greenville said in a statement.

"Once again, we're seeing record levels of production, driven by exceptional growing conditions and high commodity prices."

Production of wheat and canola are estimated to have reached new records, Greenville added, with ABARES expecting the third-highest barley production on record.

Total production is expected to be lower in 2023–24, though at $81 billion, it will still be the third highest on record.

Australia's eastern region has seen a wave of high rainfall in recent years because of a rare multi-year La Nina weather phenomenon, which brings more rain.

The war in Ukraine has also boosted commodity prices, including wheat, Australia's largest agricultural export.

IC UAC according to Reuters