ABARE downgrades export earning forecasts

Monday, 15/12/2008
Australia's earnings from commodity exports will take a hit in 2009, thanks to the global financial crisis.In its latest estimate, the Australian Bureau of Agricultural and Resource Economics says earnings will be around $192 billion.That's $22 billion less than in September.ABARE chief commodity analyst Jammie Penm said export earnings are now forecast to be $192 billion for the next financial year."This is a downward revision from what we forecast in September this year. The forecast then was $214 billion, but naturally due to the global financial crisis it's been revised down," he said.Crop earnings are forecast to increase by 18 per cent to $15 billion. However, export earnings from livestock and livestock products will decline by 3 per cent to $14 billion.Minerals and energy exports have also been revised downwards. From the $180 billion figure in September, ABARE now estimates earnings will be $159 billion.
In this report: ABARE chief commodity analyst Jammie Penm