November 20, 2013

Australia's rapeseed value rises by 25%

New data from the Australian Bureau of Statistics (ABS) shows record production and strong demand has seen the value of rapeseed increase by 25% since 2012.

The value of selected Australian principal agricultural commodities was AUD33.7 billion (US$32 billion) in 2012-13, according to preliminary estimates from the ABS.

"The strongest growth came from rapeseed, up in value by 25% on last year to AUD2.2 billion (US$2.1 billion), thanks to good growing conditions and strong demand from Europe and Asia," said Helen Baird from the ABS.

Wheat, Australia's main crop, increased by 4% to AUD7 billion (US$6.6 billion) and, while Western Australia was the country's main wheat producer, it was the only state to see a decline in the value of wheat.

Dry weather in the state saw wheat production fall 25% to AUD2.1 billion (US$1.97 billion). Wheat production increased in New South Wales (NSW) (up 38% to AUD2.2 billion - US$2.1 billion), Victoria (up 23% to AUD1.1 billion - US$1.03 billion) and South Australia (up 9% to AUD1.1 billion - US$1.03 billion).

The Australian barley crop increased in value by 16% to just under AUD2 billion (US$1.9 billion). Sorghum increased in value by 14% to AUD481 million (US$451 million) and oats saw a moderate increase of 3% to AUD263 million (US$247 million).

The gross value of livestock slaughterings and other disposals fell to AUD13.1 billion (US$12.3 billion), with a 25% decrease in the value of sheep and lambs only partially offset by a 7% increase in the value of poultry.

"The gross value of livestock products decreased by 7% to AUD6.8 billion (US$6.4 billion), with a 10% fall in the gross value of wool and an 8% fall in the value of milk. This was partly offset by a 12% increase in the value of eggs," Baird said.