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Highlights
- The report released by the Agriculture Department’s research branch Tuesday revealed that the farmers in the country are likely to sell AU$73 billion farms produce in the current fiscal year.
- Poor yields from drought-hit countries like Russia, the US, and Canada have resulted in soaring grain prices.
- The soaring grain prices have proved to be a blessing in disguise for the Aussie farmers.
Amidst the ongoing trade war with China, relentless mouse plague and the pandemic challenges, there is good news for the Australian farmers. Thanks to the adequate rainfall, Australia is predicted to harvest record farm revenues this fiscal.
The report released by the Agriculture Department’s research branch Tuesday revealed that the farmers in the country are likely to sell AU$73 billion farms produce in the current fiscal year.
This is considered a positive development for the agriculture sector, worth below AU$60 billion merely four years ago.
When the neighbouring countries received less rain, rainfall in Australia was above average, which is primarily why the farm sector is set to offer record returns this time.
Since weather conditions have been favourable for the country's agricultural produce, farmers are dusting off their tractors to prepare for what is viewed as one of the largest harvests on record.
Poor yields from drought-hit countries like Russia, the US, and Canada have resulted in soaring grain prices.
The soaring grain prices have proved to be a blessing in disguise for the Aussie farmers.
Meanwhile, the tariffs levied by China on a handful of Australian meatworks and farm produce such as barley and wine suggest that farmers in the country are missing out on some significant opportunities. Nonetheless, this void is filled by other countries importing the said products; however, the prices offered by these countries are comparatively lower than what China used to pay.
Bottom Line
Agriculture plays an important role in determining a country’s GDP. If there will be a growth in this sector it will ultimately have a positive impact on the country’s economy.
