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Financial Indicators: Agriculture
The agricultural sector is estimated to have contributed $333 million (or 2.5%) toward MITEZ GRP in 2006-07, a decline of 3.5% from 2005-06. Beef is the primary agricultural commodity produced in the MITEZ region.
Over the past ten years, beef prices have risen from between $400 and $500 ac/kg, to over $800 ac/kg. However, the trend increase in beef prices has slowed, with prices stabilising between $700 and $800 ac/kg. The ABARE commodities outlook for September 2007 forecasts prices to continue to rise into 2008. Worldwide demand for beef is projected to contract however, resulting in reduced beef exports. This is in part due to decreased demand from Japanese and Korean consumers and the competition posed by US beef producers supplying the US market.
In terms of employment, the Agriculture, Forestry and Fishing sector accounted for 2.7% of total employment in the MITEZ region in 2006-07, declining 0.3 percentage points from 2005-06. Despite this, agriculture remains the dominant employer in the McKinlay, Richmond, and Flinders Local Government Areas, accounting for over one third of combined employment.
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