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Growth of Export Market in Australian Agricultural Sector

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Added on  2021-06-16

Growth of Export Market in Australian Agricultural Sector

   Added on 2021-06-16

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Growth in Australian Agricultural sector for Export market1NameProfessorInstitutionCourseDate
Growth of Export Market in Australian Agricultural Sector_1
Growth in Australian Agricultural sector for Export market2In the recent past, the size of the agricultural sector has been going down when comparedto the other sectors in the economy in Australia. The sector is however known to have much influence in the economic growth and its exports too. The composition of the farms’ output has shifted from livestock production towards crop production[CITATION Loc13 \p 143 \l 1033 ]. The latter has shown an effect on how drought impacts the farm output in Australia. The agricultural sector is of great concern to both the policy holders and farmers since they are directly affected by any swings in the sector.The firm sector has been having much influence in the economy, particularly the macro economy although it only accounts for about 2.5% of the nominal DGP as recorded in over the last 10 years. The variation in the weather conditions causes a volatility in the outputs of firms which to a greater extend causes noticeable effects on the aggregate GDP.A good example can be deduced from the last 20 years whereby it has not been uncommon for the farm the alterationsin the production of the firm to minus almost half a point from the per year gross domestic product (GDP)[CITATION Mat12 \p 343 \l 1033 ].Rainfall in this current year has been above average I the eastern region and hence there is a likelihood that the output of the firm will have ahigh contribution in the growth of the GDP. The flooding that occurred recently in the eastern parts of Australia causes a downside risk to the outlook of the agricultural products.
Growth of Export Market in Australian Agricultural Sector_2
Growth in Australian Agricultural sector for Export market3[CITATION And14 \p 143 \l 1033 ].
Growth of Export Market in Australian Agricultural Sector_3
Growth in Australian Agricultural sector for Export market4Trends in the productionAs of 2010, the farm production estimate was approximately $ 23 billion and this represented a 2% of the nominal GDP. The agricultural industry has been declining in Australia in the last 50 years. The sectors share fell from 15.5% in 1960 to 2.5% in the last 10 years. Therehas been a decline in the rate of employment as compared to the rest of the economy[CITATION Pri13 \p 134 \l 1033 ]. Research shows that 10% of the workforce in Australia was employed in the agricultural sector in early 1960s as compared to 3% that is employed in the same sector in the last 10 years. Firm production can be divided into crops and livestock related goods. There has been an increase of the share accounted for by farm output coming from crops in the recent past. The rise as in agricultural output has been attributed to the increase in the importance of crops other than grains. The table below shows the farm output in percentage form in the recent past.[CITATION Fri14 \p 114 \l 1033 ]
Growth of Export Market in Australian Agricultural Sector_4

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