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Situation and Outlook for Primary Industries - MPI June 2024

The food and fibre sector has performed remarkably well over the last few years. However, slower global growth, especially in our key export market, China, and a correction in commodity prices means food and fibre sector export revenue is forecast to decrease 5% to $54.6 billion in the year to 30 June 2024. Input costs are also high which is reducing producer profitability.

Looking ahead to the year to 30 June 2025, food and fibre export revenue is forecast to rebound 6% to $58.1 billion. Strong gains in dairy and horticulture export revenue are driving the increase. Forestry is expected to recover from supply side disruptions and meat and wool export revenue is expected to increase as prices recover. Most other sectors are also expected to increase.

Forecasts will be updated in the December 2024 SOPI.