Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MPI lifts forecasts for dairy, meat, forestry exports

MPI lifts forecasts for dairy, meat, forestry exports on Chinese demand

Feb. 19 (BusinessDesk) - The Ministry for Primary Industries has raised its forecasts for exports of dairy products, meat and forestry, citing growing demand and limited supplies of milk, lower US and European beef production and high prices for logs.

The ministry raised its forecast for total primary sector exports in the year ending June 30 by 15.6 percent compared to its estimates last June to $36.5 billion and its 2015 forecast by about 8 percent to $35.7 billion.

The revisions are led by dairy products, which are seen generating $16.69 billion in the current year, up $2.7 billion, or 19.5 percent from its original forecasts last June. The forecast for meat, pelts and wool was lifted by $1.2 billion, or 22 percent, to $6.6 billion and forestry is revised up by $820 million, or 19 percent, to $5.1 billion.

“New Zealand exporters are able to direct product into emerging markets to meet rapidly growing demand,” the ministry said in the report. “This is predominantly increased volume of exports to China.”

At the same time, “supply constraints among our major export competitors (are) causing rising prices on international markets. This is largely due to US and EU diminished dairy and beef production.”

More modest revisions include a $109 million, or 3.4 percent, increase in horticulture exports to about $3.3 billion for the year ending June 30 and a $52 million, or 3.4 percent gain to $1.58 billion for seafood.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news