Chinan farmers look to improved growth

Economic growth in China and emerging Asian nations will continue to boost n agriculture.Strong demand for n livestock and horticulture along with improved productivity in cropping is expected to drive growth higher from the nation’s farms.

Gross value of production is forecast to grow steadily to reach $63 billion by 2022/23, according to the federal government’s agriculture forecaster.

The n Bureau of Agricultural and Resource Economics and Sciences will release its latest commodities report at its annual two-day Outlook conference which kicks off in Canberra on Tuesday.

Economic growth in China and emerging Asian nations will continue to boost n agriculture.

Livestock is estimated to increase its share of farm production, as demand for high-quality meat and dairy products grows in developing economies.

Lower wheat consumption in the United States and European Union is expected to be more than offset by Asian population growth, changing diets and rising incomes.

Similarly, barley and corn production and exports are expected to increase in 2018/19 and continue rising over the medium term to meet growing global demand.

The report says a resurgent US beef industry is competing strongly in ‘s major export markets, causing prices to fall while remaining at profitable levels.

“Strong demand in Asia, particularly China, is forecast to continue to support higher export prices for lamb, wool and dairy products,” the report says.

The Chinese thirst for n wine – especially cabernet sauvignon and shiraz – is also tipped to rise.

In 2016/17, China accounted for 25 per cent of ‘s wine exports, but that’s expected to jump to 40 per cent by 2022/23.

n horticultural production’s gross value is projected to increase to $13.6 billion in 2022/23, which the forecaster says will be largely driven by increased fruit and nut production.

“n fruit production is expected to increase in response to rising demand from China, but domestic prices are forecast to fall as competition in the n market intensifies,” the report says.

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