SYDNEY, Australia: According to the federal Australian Bureau of Agricultural and Resource Economics, agricultural exports are forecast to reach a record $75 billion in 202223.
Australia's winter crop production, driven predominantly by wheat, is estimated to have harvested a new record of 67.3 million tons in 202223.
The total value of production, including fisheries and forestry, is due to reach $96 billion, also a record.
"Australia is benefitting from a third consecutive year of high rainfall, and it shows in the figures," Bureau of Agricultural and Resource Economics executive director Jared Greenville said in a statement.
"Once again, we're seeing record levels of production, driven by exceptional growing conditions and high commodity prices."
Australia's eastern region has seen a wave of high rainfall in recent years because of a rare multi-year La Nina weather phenomenon, which brings more rain. The war in Ukraine has also boosted commodity prices, including wheat, Australia's largest agricultural export.