From a news release
Canada is a leading producer of high-quality, safe agricultural and food products. Agriculture is a major contributor to Canada’s economy, and the sector is expected to prosper throughout 2018.
Canadian exports of agriculture, agri-food, fish and seafood to all countries in 2017 rose to $64.6 billion, a $2 billion increase from 2016 exports. Canada is the world’s fifth highest total exporter (by value) of agricultural and food commodities. Maintaining and enhancing the strength of our exports is vital to achieving the Government of Canada’s trade target of growing agriculture and food exports to $75 billion by 2025.
On March 27, Agriculture and Agri-Food Canada released the 2018 Canadian Agricultural Outlook with analysis on the economic state of the agriculture and food sector. The Outlook report provides a forecast of farm income for 2017 and 2018, and looks ahead to longer-term trends that could impact the agriculture sector.
According to the report, Canada’s producers are forecast to see record farm income levels in 2017 and near-record levels in 2018. Crop and livestock receipts are both set to increase in 2017 and 2018. Net cash income is forecast to reach a record level in 2017 and remain high in 2018. At the same time, continued growth in asset values is expected to raise average farm net worth to $3.16 million by 2018.