Agricultural exports jump on Chinese demand

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China’s hunger for all forms of raw commodities is expected to underpin a 6.5 per cent surge in Australia’s agricultural export earnings to $34.6 billion this financial year.

It comes after the value of Australian agricultural exports to China soared 32 per cent in 2010-11, on top of a 19 per cent gain the previous year.

The figures are contained in the Australian Bureau of Agricultural and Resource Economics and Sciences’ agricultural commodities report, in which the government forecaster lays out its expectations for the value of agricultural production and exports in 2011-12.

Despite mounting uncertainty about the economic outlook for major developed countries, ABARES said demand for Australia’s agricultural and mineral commodities would remain strong, driven by the needs of growing Asian economies, “especially China and India”.

To read the entire article, visit: TheWestAustralian | by: Rachel Donkin>>

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