Australian fisheries and aquaculture production will net $3.63 billion this year, a rise of eight per cent from last year, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
ABARES Executive Director Jared Greenville said Australia’s aquaculture sector has been driving most of the growth.
“In 2022-23, aquaculture production value is forecast to increase by 11 per cent to $2.29 billion, driven by higher production values of salmonids, tuna and abalone,” Dr Greenville said.
Salmonids production will drive the biggest growth following higher prices, with a 13 per cent increase in 2022 to 2023 to a record $1.46 billion.
Tuna and rock lobster prices are forecast to decline in 2022 to 2023.
Fisheries and aquaculture production is forecast to remain stable for 2023 – 2024, at $3.7 billion, before the tide turns.
“The real total value of fisheries and aquaculture production is projected to decline by 0.7 per cent a year to $3.44 billion by 2027-28,” he said.
“This reflects lower projected real prices for seafood producers and an easing of growth in the volume of Australia’s aquaculture salmonids production.”
Seafood exports are expected to increase by seven per cent in 2022-23 to $1.37 billion, with those exports forecast to rise another seven per cent in 2023-24, to $1.47 billion.
The report was released on Tuesday by ABARES at a conference in Canberra examining industry figures.
(Australian Associated Press)