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NT croc industry worth $100 million

The Northern Territory's crocodile farming industry is worth more than $100 million to the Top End's economy, an independent report shows.

The overall value of the industry in 2014/15 to the tourism, farming and veterinary sectors was $107 million, generating 264 full-time jobs, an Ernst and Young report found.

"We know that our beloved crocodiles are a massive tourism magnet to the territory, but now we also know just how much the farming industry plays in terms of their economic impact and potential," NT Chief Minister Michael Gunner said on Thursday.

Crocodile farming was previously valued four times lower in previous estimates,

The NT chief minister said it was critical that the industry was valued correctly,

"This helps us in mounting our case to the federal government for support for the industry in how we export," he said.

The chief minister said crocodile farming was particularly important to remote indigenous communities.

"Saltwater crocodiles have enormous economic potential in terms of income, employment, technology innovation and economic development in remote Aboriginal communities," Mr Gunner said.

Crocodile skins are highly sought as high-end fashion products fetching thousands of dollars when made into bags and other items.

Saltwater crocodiles skins are also used for high-quality fashion items.

Australia accounts for 60 per cent of the global trade in saltwater crocodile skins, with about two-thirds of that coming from the NT, according to a 2015 report by the NT's Crocodile Farmers Association.

Austrlaian Associated PressBack to Breaking News

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