Agricultural exports have hit a record $64.9 billion in 2022-23, however National Farmers' Federation President Fiona Simson says these positive numbers conceal the "cost of farming" crunch impacting farmers and consumers.

ABARES' latest Agricultural Commodities Report predicts the industry's gross value will tip past $80 billion for a second consecutive year on the back of favourable weather conditions and "very high" world food prices, but Ms Simson said these figures don't paint the full picture.

Ms Simson said despite the bumper season, many farmers were feeling the pain of eye-watering production costs.

"Prices for fertiliser, fuel and power are on a rocket ride to the moon," Ms Simson said.

"As ABARES points out, producers are dealing with the highest fertiliser prices since 2008, as the global energy crisis takes its toll.

"Of course, all this is compounded by the ongoing worker shortage putting the handbrake on production."

She said while not all these issues were within the Government's control, it was critical the Albanese Government worked closely with industry to limit the impact of the cost crunch.

"We raised these issues with Minister Watt ... and discussed how we can work together on cost of farming issues, as we look to mitigate the flow-on impacts to everyday Australians."

"Another $80 billion year means we are well on the way to achieving our goal to be a $100 billion industry by 2030, but now is the time to ensure we're ready for when seasons and markets inevitably turn," Ms Simson said.

According to data from Rabobank urea has reached $690 USD/tonne (up 89 per cent on the same time last year).

Diammonium phosphate (DAP) is at $1100 USD/tonne, also an increase of 89 per cent compared to last year. NRMA has quoted the latest Sydney diesel price at 208.8 AUcents/litre (up 49 per cent on the same time last year).

Meanwhile, escalating costs were also discussed during the recent two-day Digital Agrifood Summit, 2022 in Wagga hosted at Charles Sturt University.