"This increase reflects the growth in Australian aquaculture production in 2005-06, which compensated for declining production in the Commonwealth and state wildcatch sectors," commented ABARE Executive Director Phillip Glyde.

The gross value of aquaculture production increased by 18 per cent ($114 million) in 2005-06 to $748 million, driven by a rise in the production of salmonids and southern bluefin tuna, as well as higher unit prices for salmonids. Meanwhile, the value of Commonwealth production fell 16 per cent to $278 million and the value of state wildcatch production fell 3 per cent to $1.14 billion.

Mr Glyde noted that production in Australian fisheries has recently been affected by several factors including exchange rates and fuel prices. In real terms, the gross value of Australian fisheries production has fallen 25 per cent since 1999-2000, while the value of exports has declined by 36 per cent.

The total value of Australian exports rose slightly in 2005-06, increasing by $5.3 million to $1.55 billion. Rock lobster ($489 million) remained Australia's most valuable fisheries export product, followed by pearls ($290 million), abalone ($246 million) and tuna ($177 million).

In 2005-06, Hong Kong ($396 million) overtook Japan ($371 million) as Australia's main export market for edible fisheries products. Over the five years to 2005-06 the total value of seafood exports to Japan has fallen by 56 per cent in real terms. This shift reflects a 33 per cent reduction in the volume of exports to Japan, as well as the appreciation of the Australian dollar relative to the Japanese yen.

The value of Australian seafood imports continued to grow in 2005-06, increasing by 8 per cent to $1.26 billion.

Thailand and Zealand continue to dominate as the major sources of imported seafood products; however, imports from Viet Nam and China have shown significant growth in recent years. Between 2000-01 and 2005-06 the value of edible fisheries imports from Viet Nam and China has increased by $82.9 million and $75.4 million respectively.