Agricultural exports to ASEAN set to double
(7 May 2015 – Australia) ANZ’s recently published report: ASEAN: The Next Horizon, highlights the region’s enormous economic potential.
The bank believes ASEAN countries could collectively overtake China as a key market for Australia’s agricultural sector in the next 10-15 years.
By 2030, ANZ forecasts in the report that half of Southeast Asia’s 650 million people will be under 30 years old, creating a powerful emerging middle class with high rates of consumption.
ANZ head of Agribusiness Australia, Mark Bennett told a breakfast event at Beef Australia 2015 in Rockhampton that the creation of the ASEAN Economic Community later this year would spur economic and consumption growth inside the trade zone.
Bennett said it would double the potential value of overall Australian agricultural exports to the region to an estimated US$15.5 billion (A$19.5 billion) by 2025 from US$6.9 billion in 2013.
“Whether in live exports or the development of cold chain processing infrastructure, there are massive opportunities for the Australian beef supply chain. We also see a similar very positive outlook for Australian dairy producers.
“There will be opportunities for beef producers to provide a wider range of cuts as well as different products, as the tastes of this new Asian middle class develop.
“To achieve this potential, however, Australian agribusiness will need to be aware of changing trends in consumption and adapt its output accordingly,” said Bennett.
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