Canola value increases by 25%

Record production and strong demand has seen the value of canola increase by 25% since 2012, new data from the Australian Bureau of Statistics (ABS) shows.

The value of selected Australian principal agricultural commodities was $33.7 billion in 2012-13, according to preliminary estimates from the ABS.

“The strongest growth came from canola, up in value by 25% on last year to $2.2 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 $7 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 $2.1 billion. Wheat production increased in NSW (up 38% to $2.2 billion), Victoria (up 23% to $1.1 billion) and South Australia (up 9% to $1.1 billion).

The Australian barley crop increased in value by 16% to just under $2 billion. Sorghum increased in value by 14% to $481 million and oats saw a moderate increase of 3% to $263 million.

The gross value of livestock slaughterings and other disposals fell to $13.1 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 $6.8 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.

Further details are in the Value of Agricultural Commodities Produced, Australia, Preliminary (cat. no. 7501.0), available for free download from the ABS website: www.abs.gov.au.