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

 


Dairy cash cow for regional economies

MEDIA RELEASE
Monday, 14 July 2014

For immediate release

Dairy cash cow for regional economies

New Zealand’s regional economies are milking the dairy industry, taking $14.3 billion in total in 2013-14 – a 40 percent increase in earnings – DairyNZ figures show.

The regions earned about $14.3 billion from dairy farms in 2013-2014, taking the lion’s share of national dairy earnings. In total, it’s estimated the New Zealand economy earned $17.6 billion from dairy exports that year.

DairyNZ’s chief executive Tim Mackle says its recent Economic Survey shows the industry contributed about 40 percent more than the previous year and injected much of that back into growth, farm spending and jobs.

“Our latest survey shows the financial value that dairy farmers bring into each province, helping grow residents’ wealth even if they are not dairy farming themselves,” Dr Mackle says.

Dairy’s boost to rural economies is consistent with the national trend. National dairy export revenue soared by 30 percent to 17.6 billion in 2013-14, a Situation and Outlook 2014 report from the Ministry for Primary Industries (MPI) says.

New Zealand’s dairy export revenue is expected to rise in the future, reaching $18.4 billion by the year ending 30 June 2018, based on a modest rise in domestic production, increasing international dairy prices, and a depreciating NZD, the MPI report says.

DairyNZ’s 2013-14 estimations shows New Zealand’s top provincial performer in dairying is Waikato, retaining its top spot from the previous year and earning $3.8 billion, followed by Canterbury with $2.77 billion, Southland with $1.72 billion then Taranaki with $1.44 billion.

-ENDS-


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news