The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) forecasts that the country's beef and veal exports will go up 6 per cent while dairy exports will increase 15 per cent.

The statistical agency also predicts a 10 per cent boost in export earnings from wine as sale of Australian wine to foreign buyers go up, especially in China. A decade ago, China was not importing a single drop of Australian wine, but the Asian giant is now the third-largest buyer of the country's red and white wines.

The U.S. and UK remain the top 2 markets for Aussie wine and it will likely continue to hold their places for financial year 2013/2014, said Paul Morris, executive director of ABARES.

He added that wine experts were vulnerable and linked to the state of the global economy, and in recent years, the slowdown in its major export markets affected sales.

However, it is a different case for the farm sector which for the fourth straight year enjoyed higher returns after a decade of drought and extreme seasonal conditions. ABARES estimates gross value of Australia's farm production would peak at a record-high of $49 billion in 2013/2014 as a result of better rainfall that would improve harvest as well as improving global prices of some commodities.

For live exports, ABARES foresees head of cattle reaching 590,000, up from previous forecast of 470,000. Mr Morris said he expected Indonesia, which abandoned its quota system in July, to import at least 300,000 head of cattle for the next 12 months.

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