Trade deficit blow-out hurting $108 billion food and grocery industry
The trade deficit of Australia’s $108 billion food and grocery manufacturing industry almost doubled over the past year, reflecting the intense economic pressures facing the sector, according to a new report by the Australian Food and Grocery Council (AFGC) and KPMG.
The Report found the industry’s international net trade deficit ballooned by 48.5 per cent from $1.8 billion in 2009-10 to $2.7 billion in 2010-11.
Officially launched on November 2 by Federal Agriculture Minister Senator Joe Ludwig in Canberra, the third annual economic snapshot of the food and grocery manufacturing industry State of the Industry 2011 confirmed last year’s findings that industry remained Australia’s largest manufacturing sector, employing more than 312,000 people, compared with 288,000 last year. Industry’s total annual turnover also grew by more than four per cent to $108 billion. RetailWorld – Read more…