The gross value of agriculture production is forecast to hit $65 billion in the 2020-21 financial year.
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If the sector meets the prediction it will represent a seven percent rise year on year.
"Growth is driven by drought recovery, with Australia's second largest winter crop, the best ever in NSW, a favourable outlook for summer cropping, and high livestock prices," said agriculture minister David Littleproud.
"This is an outstanding result for the farming sector that has helped stay on an even keel despite all the challenges 2020 has thrown at us ... now more than ever we know the importance of the agriculture sector to our economy."
The figures come from the Australian Bureau of Agricultural and Resource Economics and Sciences, the research arm of the federal government's Department of Agriculture, Water and the Environment.
According to ABARES statistics for 2018-19 the gross value of agricultural production in the Central West region was $1.4 billion, which was 12 per cent of the total gross value of agricultural production in New South Wales of $11.7 billion.
The most important commodities in the region based on the gross value of agricultural production were cattle and calves ($314 million), followed by wool ($238 million) and sheep and lambs ($212 million).
These commodities together contributed 55 percent of the total value of agricultural production in the region.
In 2018-19 the Central West region accounted for 65 percent ($7 million) of the total value of the state's cauliflower production.
Cherry grower Guy Gaetta said the seven percent prediction was fair.
Recent rains had him concerned about the cherries splitting, however he said good winds following rains dried out the trees, and everything was on track.
"The cherries are humongous," he said.
As farmers prepare for one of the biggest yields in years, Bathurst grain freight and logistics business Grainforce has invested in more storage silos for the expected surge in demand.
Grainforce managing director Derek Larnach has increased grain storage capacity by 1,800 tonnes.
"The drought hit western NSW hard, so it's outstanding to see that farmers are expecting a big year," he said.
"We're going to be here to meet the demand as we've installed six new silos to store grain before they're sent by rail to ports for export."
Mr Larnach said the company's total grain storage capacity on-site was 20,000 tonnes.
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