Beef and cattle exports could make Northern Australia a key hub for economic growth
Beef and live cattle best bets for Northern Australia producers with Vietnam, Indonesia and Malaysia as key markets
Northern Australia could be a hub for substantial economic growth in Australia, as beef and live cattle exports to south-east Asia could add up to AUD$13bn (£6.9bn, €8.05bn) per year to the country’s economy by 2025.
A new report from the Cooperative Research Centre for Developing Northern Australia (CRCNA) and the Australian Chamber of Commerce in ASEAN found that demand for beef and live cattle exports would be greatest in Vietnam, Indonesia and Malaysia.
Out of the three countries, beef and Cattle exports to Vietnam could create the most productivity earning up to $11.5bn by 2025, Australia’s minister for resources and Northern Australia, Matt Canavan said.
The report considered all of Australia’s agri-food products exported to south-east Asia and assessed 15 having the best potential to deliver value for Northern Australia producers.
These products include live cattle, beef, wheat, sheep meat, milk and cream powder, malt, table grapes, cheese, cream, oranges, infant food preparations, rock lobsters, macadamias, avocados and soybeans.
“This report shows the real economic potential of our north and the importance of supporting our world-class agriculture sector,” said Canavan.
Products such as macadamia nuts and avocados are also seen as opportunities for “significant job-creating growth expected long term,” he added.
The report also identifies other key opportunities such as the need for an export strategy for bovine genetic materials.