The latest Partnering for Customer Value case study, released this week by the Department of Primary Industries and Regional Development (DPIRD), shows that reaching outside your company to acquire expert knowledge may be what you need to grow your business internationally.

The case study examines Belgium-based Greenyard Frozen which pioneered technology allowing them to deliver a world first, cauliflower rice, yet this is not the sole reason for their export success.

Recognising the need to diversify their product offering when competitors entered the market, Greenyard distinguished themselves with ready meal products, partnering effectively with an aligned customer Delhaize.

Together they realised the mutual benefits of working collaboratively to create demand for Greenyard’s innovation, by going into the market and sharing an integrated health and sustainability story which was crucial to their success.

While this is the last case study being rolled out, DPIRD's Partnering for Customer Value team will be back in the new year with more on how partnering along the value chain can enhance export capacity and competitiveness.  More...  Source:  DPIRD  |  Photo:  iStock

Australia’s farmers are on track to smash production value and volume records in 2021-22 on the back of exceptional seasonal conditions and a surge in world commodity prices, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).

Despite recent flood and rain damage in the eastern states, the ABARES Agricultural Commodities: December Quarter is forecasting a history-making agricultural gross production value of $78 billion – $5.4 billion more than predicted just a few months ago.

Production is expected to increase year-on-year for every major livestock commodity and almost every major crop commodity – with farmers forecast to produce the largest volume ever.

ABARES Executive Director Dr Jared Greenville said Australia was enjoying an extraordinary combination of favourable conditions and 30-year price highs.

“It would be the first time in at least half a century that production will increase for so many products at the same time,” Dr Greenville said.  “And if these forecasts are realised, 2021–22 will see the largest total volume of agricultural commodities Australia has ever produced.  Prices are also at multi-year highs for many agricultural commodities."

Higher export volumes and higher prices are forecast for almost every major export commodity, with the total value of agricultural exports being revised up $6.5 billion to $61 billion, also an all-time high.  More...  Source:  ABARES  Related:  Australian farm production tipped to break records this financial year, ABARES says  Source:  ABC News  |  Photo:  DPIRD

A renewed push to liberalise trade can invigorate durable growth and minimise post-pandemic economic scarring, according to the International Monetary Fund (IMF).  Trade has historically been a powerful driver of economic growth and poverty alleviation in Asia, though the momentum of lowering trade barriers has slowed in recent years.

According to recent research, detailed in the IMF’s Asia-Pacific Regional Economic Outlook, easing non-tariff barriers can boost gross domestic product by about 1.6%, potentially healing about a quarter of expected economic damage caused by the pandemic.

The IMF says while tariff barriers to trade in Asia are low overall, a new measure of non-tariff barriers suggests those remain high in many Asian emerging markets and developing economies. Unlike tariffs, these barriers include policies that introduce frictions such as licensing requirements or restrictions on trade, payments, or exchanging foreign currencies.  

Removing such obstacles can ease administrative delays and reduce costs for international transactions, with empirical analysis suggesting lowering non-tariff barriers offers potentially large economic gains, the IMF says.  More...  Source:  IMF  |  Photo: Rinson Chory / Unsplash

The constraints faced by World Trade Organisation (WTO) economies due to recent spikes in shipping costs was the focus of intensive discussions in November between WTO delegates, academics and representatives from the private sector.

In her opening address, WTO Director-General Ngozi Okonjo-Iweala called on governments and businesses to "continue identifying supply chain bottlenecks and implementing measures to mitigate their impact on trade" and to work towards "making global supply chains more resilient".

The information session, which is part of the WTO's enhanced and ongoing efforts to analyse the dynamic situation in global supply chains, was organised to share information on members' constraints in importing and exporting goods due to current shipping disruptions and to exchange views on measures to mitigate the impact of those disruptions.  More...  Source and Photo:  WTO

Countries with better information and communication technology, particularly internet access, were able to do more activities online during the pandemic, which cushioned the adverse effect of COVID-19 on economic activity, according to the Asian Development Bank (ADB).

The regional development bank says that while information and communication technology (ICT) has been around for some time, COVID-19 has intensified its use. The most immediate economic benefit has been a sharp reduction in the cost of information and communication.

Of 117 economies (86 emerging markets and 31 advanced economies) studied, the ADB found that internet access, the key variable of interest, was not statistically associated with slowing GDP growth during the global COVID-19 pandemic period. However, it did find that for countries with major COVID-19 outbreaks, better ICT infrastructure reduced the negative impact on GDP growth. 

Even well-connected economies should continuously invest in upgrading the quality, for example, speed and reliability of their ICT infrastructure. Economies that fail to do so risk being left behind, both during normal times, and doubly so during shocks like the COVID-19 pandemic, the ADB says.  More...  Source:  ADB  |  Photo:  Glenn Carstens-Peters / Unsplash