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Australian beef supply is forecast to climb after the herd rebuild period ends. The marked slowdown in the growth of the national herd is expected to drive a higher female slaughter rate, increase the overall supply of cattle for slaughter, and boost live cattle and beef exports in 2024.

Australia’s food, beverage, and grocery sectors, contribute to a third of all business activity in the manufacturing landscape.

El Niño conditions for Australia remain present, but this has been pushed aside in late spring and early summer after the eastern states received above-average rainfalls. This situation has prompted a rise in the sorghum production forecast for MY 2023/24 to 1.8 million metric tons (MMT), and the rice production forecast remains strong at 522,000 metric tons (MT) with the support of ample irrigation water.

Australia is a crucial market for U.S. fresh fruits because of the year-round demand for high-quality products. The U.S. has benefitted from a well-established reputation for producing quality and safe fruits.

Early seasonal conditions for the MY 2023/24 citrus crop have been favorable, and producers expect to benefit from an easing of fertilizer and crop protection chemical costs, along with a further easing of labor constraints. Orange production is expected to increase five percent to 530,000 metric tons (MT) from the prior’s year estimate, the second highest over the last two decades.

Australia is a prosperous and industrialized nation with a stable economy. The country’s strong economy underpins its open and transparent trade and investment environment and trade and economic links with emerging economies, particularly in Asia.

Australia has been a world powerhouse of high-quality wool production and exports for over 150 years. The industry now exports around 323,000 metric tons (MT) of wool valued at about US$2.3 billion - more than any other wool exporter.

Milk production for 2024 in Australia is forecast to increase by 0.6 percent to 8.50 million metric tons (MMT) after stabilizing in 2023 at an estimated 8.45 MMT from previous years of declining production. The forecast is amid an El Niño weather pattern in late 2023, likely to continue into 2024.

The Australian federal government supports biotechnology and has committed considerable long-term funding to research and development.

Wheat and barley crops have had a great start to the season, with high soil moisture reserves and good rains in the fall. But rainfall has been well below average from July to September 2023.

Chickpeas, also known as garbanzo beans, are a legume full of protein, fiber, complex carbohydrates, and are relatively low in calories. Chickpeas are used in many Indian and Mediterranean dishes. Australia, India, and Canada are the top three chickpea exporters accounting for more than 40 percent of the world’s exports in 2022. Pakistan is the largest importer, followed by the European Union, Bangladesh, and Turkey.

Australia’s table grape production is expected to increase to a record 220,000 MT in marketing year (MY) 2023/24 from an estimated 210,000 metric tons (MT) in MY 2022/23.