April 16, 2007

Food sector leads Australia's exports in 2006

The Australian food industry is leading the way in the country's exports, earning $24 billion last year or 15 percent of Australia's total merchandise exports.

The report Australian Food Statistics 2006 said significant gains the country has been made in overseas grain, meat, wine and dairy markets.

Minister for Agriculture, Fisheries and Forestry, Peter McGauran said emerging markets such as Saudi Arabia and the United Arab Emirates have been important factors for Australia's food exports aside from traditional markets Japan and the United States.

McGauran said significant increase has also been noted in United Kingdom and Indonesia from two to three percent in 1990-91 to five to six percent in 2005-06.

Australia's total consumer spending on food also rose due to the industry's ability to respond to lifestyle-driven demands for convenience, mainly through better packing and preparation options, he said. 

McGauran also noted a continued growth in the country's total farm and fisheries production which is up by 10 percent since 2004-05 to be worth US$34.8 billion in 2005-2006.