On The Land
23 August, 2024
AgTrends show sector to boom
NEW AgTrends figures show a promising year ahead for the agricultural sector, despite challenges such as declining cattle prices, drier conditions and major natural disasters in 2023-24 leading to a valuation of $22.1 billion for the year.
The valuation remains higher than the five-year average and showcases the resilience of Queensland agriculture, with a corresponding supply chain value estimated at $33.88 billion.
Cattle and calves once again took the gold medal as Queensland’s highest-valued commodity in 2023-24, contributing $5.71 billion to the state’s economy.
Meanwhile meat processing ($2.40B) and sugarcane ($2.06B) took the silver and bronze positions respectively.
Macadamias led the top five highest growing commodities in 2023-24, followed by chickpeas, sugarcane, apples and strawberries.
Toowoomba was the best performing region in 2023-24 with a Gross Value of Production (GVP) worth $1.27 billion, followed by the Western Downs ($951M) and Bundaberg ($899M).
Hinchinbrook experienced the highest growth in GVP (29%), followed by Douglas (24%), Mackay (23%), Burdekin (19%) and Cairns (12%).
The value of Queensland’s agricultural sector is projected to boom to a second highest ever valuation of $23.56 billion in 2024-25.
Minister for Agricultural Industry Development and Minister for Rural Communities Mark Furner was pleased with the year’s outcome, especially given the challenges faced in 2023.
“Queensland’s food and fibre is the best in the world, and our primary producers have showed remarkable resilience in delivering a bumper 2023-24 despite challenging conditions,” he said.
“While Queensland is officially drought free, conditions were drier overall leading to tougher conditions for growers and graziers. In parts of the state, Severe Tropical Cyclones Jasper and Kirrily created further challenges.
“Our traditional titans of beef and sugar remain a cornerstone of the Queensland economy, and it’s great to see strong growth for many growers, particularly for macadamias, sugar, chickpeas, apples and strawberries.
“The future is bright with a second-highest value on record projected for the ag sector in 2024-25.”
