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Wine and wool tipped to lead export growth in 2018

Australian wine and wool are tipped to be the standout commodities in a year of forecasted growth across the agricultural sector.

Rabobank's Agribusiness Outlook 2018 report states that improved global markets and increasing Asian incomes will drive the growth.

"A key standout for us is the wine industry which we expect to have its best year for many years in 2018," said the report's author, Tim Hunt.

Projected growth in the wine industry comes after the value of wine exports jumped 15 per cent to be worth $2.56 billion last year. Growth in the Chinese market increased 63 per cent to be Australia's top export market worth $848 million last year.

Strong sales to China also drove wool prices to record prices in recent months.

"Wool and lamb we like a lot at the top end of the spectrum," Mr Hunt said.  "It is a year in which we expect the global sugar market to return to surplus after several seasons in deficit and that will inevitably place some downward pressure on international markets." 

(From ABC Rural - 31 January 2018)