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Australian Fishing Industry Growth to Continue

Sustainability Economics Politics +4 more

AUSTRALIA - Australias 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).

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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."