Heavy rainfall is expected to temper the slump in agricultural export values from a record high in 2022-23, according to the federal government.

The government in June forecast that farm export earnings would decline by 17 per cent to $65 billion in 2023-24, but now predicts it will fall by 14 per cent to $67 billion from a record $78 billion the year before. This is partly due to recent rain offsetting dry conditions from El Nino weather patterns.