SYDNEY, July 1 (Xinhua) -- Australian avocado production is down 15 percent this season, but the global market has surged past 30 billion Australian dollars, with international demand and exports continuing to rise, an industry report revealed on Tuesday.
Despite the short-term dip, Australian production is forecast to rebound next year, while international demand and export opportunities for avocados reach unprecedented heights, according to the latest report of Rabobank, an agribusiness financial service provider.
Australia's avocado production is set to fall by 15 percent in the 2024/25 season, with the crop estimated at 128,000 metric tons, the report said, adding the decline, due to the natural "alternate bearing" cycle, is expected to be brief, with production forecast to rebound to a record 170,000 metric tons in 2025/26.
New avocado plantings have dropped to their lowest since 1999, but earlier expansions are now fully productive, signaling a stabilization in future crop sizes, said RaboResearch analyst Anna Drake.
Australian avocado export volumes held steady in 2024, but prices rose 13 percent to 5.18 Australian dollars/kg, with strong demand in key Asian markets and significant growth in exports to India, the report said. (1 Australian dollar equals 0.66 U.S. dollars) ■