Australia's agricultural outlook 'positive' despite flood damages
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) says the outlook for the country's agricultural production and exports looks positive in 2011, despite recent flooding which is estimated to have cost the industry US$2.3 billion.
The bureau's chief commodity analyst Jammie Penm said adverse weather conditions had significant impacts on cereal, sugar, fruit, vegetable, cotton and sorghum production.
"Continued rainfall and flooding in late December and through January caused further significant damage to agriculture in most of the eastern states, as well as in the Gascoyne region of Western Australia," he said.
"While individual farmers have suffered as a result of the floods, overall the national outlook for agricultural production and exports looks positive."
ABARES estimates show the state of Queensland lost around US$228 million worth of fruit and vegetables as a result of flooding.