Agricultural exports reach record high amid worsening drought conditions
Drought-stricken farmers are being forced to sell off their livestock, bringing Australian agricultural exports to a record high of $50.7 billion.
Rural Bank’s Australian Agricultural Trade report found beef experienced the largest increase in export value growth, up by $1.9 billion to a historic $12.3 billion.
The number of live cattle exports increased by 29.1 per cent and drove the overall value of live exports 29.8 per cent higher to $1.6 billion.
Rural Bank Chief Operation Officer Will Rayner tells John Stanley the result is “bittersweet”.
“A lot of the drought and de-stocking activity in the beef, cattle, and the sheep sectors, in particular, are driving those increased export volumes.”
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