Economics
Australia Lowers Agriculture Export Estimate on Global Economy
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Australia, set to be the world’s second-biggest wheat shipper, cut its forecast for agricultural-export earnings on concern that the European debt crisis may damp global economic growth and hurt commodity demand.
Earnings from farm, forest and fisheries products may total A$38.4 billion ($38.6 billion) in the year to June 30, the Australian Bureau of Agricultural and Resource Economics and Sciences said today. That compares with A$38.6 billion forecast in September and a revised A$36.1 billion in 2010-2011, it said.