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21 October 2014
Figures from Australian Bureau of Statistics (ABS) indicate that this season has been a strong one for lamb production and a record-setting year for cattle. For farmers raising this livestock, good news continues in the form of markets abroad that are eager to import Australian meat and dairy.
According to the ABS, lamb production in Australia reached 40,459 tonnes cwt during the final month of winter - up 7 per cent from the previous year. As for beef, 220,488 tonnes were produced as of August, compared to 203,595 tonnes by the same time in 2013.
Meat and Livestock Australia noted that demand from the United States is fueling revenue for beef exporters, with Japan serving as the second-highest valued market. Growing consumption of the meat in overseas countries has led to "unprecedented beef export volumes," the source observed.
Commenting on these developments, The Australian reported that National Farmers Federation President Brent Finlay was optimistic about the industry's prospects, expressing that agriculture exports were "a sleeping giant about to awake."
In particular, an Asian food boom could be extremely lucrative for Australian farmers as increasingly wealthy consumers in the region fuel demand for the product. Offering high-quality, safe, traceable food, Australia might position itself as a provider oriented toward the wealthier segment of the market, the news source observed.
As farmers look to take advantage of these opportunities to boost their exports by raising production levels, they should make sure that their assets are appropriately covered. The right level of farm insurance can protect them against significant losses in the event something happens to their livestock or property.
With demand growing so substantially overseas, Australian farms have a chance to expand their operations and contribute even more significantly to the economy. Farm insurance can protect their investments as they adjust their production strategies.
