THE drop in the Australian dollar’s value would cushion the Australian dairy industry against the weak international dairy market, ABARES’s chief commodity analyst says.
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Jammie Penm also told the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) Regional Conference in Hamilton that while China’s economy was easing back, he did not believe that it would have a significant impact on Australia’s agricultural exports there.
Dr Penm said incomes in Asia were expected to more than double by 2050, funding changes in food consumption patterns such as a projected 35 per cent increase in dairy consumption.
He said while those changes offered big opportunities for Australian exporters, there were many other countries competing to meet those opportunities. Dr Penm said Australia also needed to remove trade barriers “so food can flow to where it is needed” and realise Asia was a complex market.
