Australia’s fishing and forestry industries continue to recover under a Coalition government and have seen continued growth over the past three years, according to the latest forecasts from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).

Parliamentary Secretary to the Minister for Agriculture, Senator Richard Colbeck, said these important industries are benefitting from favourable trade conditions, including new export markets being opened up by the Government.

“Export earnings from Australian fisheries products are forecast to increase by 11 per cent in 2015–16 to around $1.6 billion, following an estimated rise of 10 per cent to $1.4 billion in 2014–15,” Senator Colbeck said.

“This forecast increase is underpinned by expected growth in key commodities, with export earnings in 2015–16 forecast to rise by 17 per cent to $0.8 billion for rock lobster and 10 per cent to $53 million for salmonids.

“This strong international demand is bolstered by recently signed free trade agreements (FTAs) with some of our biggest fisheries trading partners in China, Japan and Korea.

“Key products like lobsters, shellfish, southern bluefin tuna and Atlantic salmon will benefit from tariff eliminations under our FTAs with Japan and Korea, and all tariffs on seafood exports to China will be eliminated within four years of entry into force.

“Forestry products have also continued to grow, with their value forecast to reach nearly $2 billion in 2015–16, a 22 per cent rise in value since 2011–12.

“The value of our forest products and value added exports are on the rise, reaching nearly $2.8 billion in 2014–15. This is a more than 21 per cent increase since 2009–10 and reflects strong international demand for our sustainably harvested products.”

Senator Colbeck also welcomed results of an industry survey by the Australian Forest Products Association (AFPA), released today, which found that forest industry companies are continuing to invest in plant and equipment at a moderate level.

He said the Coalition is focussed on putting the right policy settings in place to maintain industry confidence and ensure our forestry and fisheries industries continue to prosper.

The full September edition of ABARES’ Agricultural Commodities report is available at http://www.agriculture.gov.au/abares/publications.
Parliamentary Secretary to the Minister for Agriculture, Senator Richard Colbeck