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

 

Primary sector exports forecast to rise to over $42 billion

Primary sector exports forecast to rise to over $42 billion in 2018

New Zealand's primary industry exports are forecast to rise nearly 11 percent in the year ending June 2018 to $42.2 billion.

This would be the largest annual increase since 2014, according to the Ministry for Primary Industries’ latest quarterly update.

"Our Situation and Outlook for Primary Industries report shows export revenue across all of the sectors has been incredibly strong over the past year, particularly for dairy, meat and forestry," says Jarred Mair, MPI Policy and Trade Acting Deputy Director General.

“Dairy export revenue is expected to increase by more than14 percent in 2018 due to a recovery in prices over the past 12 to 18 months. It is also result of more milk being processed into higher value products such as infant formula.

“At the same time, the latest numbers show that dairy cow numbers have fallen since 2016.

“In addition, global red meat prices are expected to increase export revenue in the meat and wool sector by nearly 10 percent in 2018.

“Forestry exports are also forecast to grow by more than 11 percent in 2018, supported by record harvest levels and ongoing demand for New Zealand logs from China.”

High returns and new policies are likely to create investment opportunities across the primary industries, says Mr Mair.

“For example, high horticulture returns are driving investments in productivity and competition for suitable land.

“The Government’s One Billion Trees Programme is another catalyst for investment and changing land use, primarily through increased replanting rates and new production forest area.”

MPI’s Situation and Outlook for Primary Industries report provides a snapshot and forecast for New Zealand’s major primary sectors.

Download the full report - http://www.mpi.govt.nz/news-and-resources/open-data-and-forecasting/situation-and-outlook-for-primary-industries-data/


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up $1.20: $17.70 Minimum Wage Next Year

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Reserve Bank: Capital Proposals Are 'Radical', Says Fitch

International credit rating agency Fitch says the Reserve Bank's proposals for increased bank capital adequacy ratios are "radical" and "highly conservative relative to international peers", but the result will ultimately be "significantly stronger buffers" against financial system shocks. More>>

ALSO:

Regions And Skills: Work Visa Proposals 'Step In The Right Direction'

Immigration Minister Iain Lees-Galloway announced yesterday that the Government is consulting on proposed changes to employer-assisted temporary work visa settings to ensure that work visas issued reflect genuine regional skill shortages. More>>

ALSO:

Long Commutes: Hamilton To Auckland Passenger Rail Trial Gets Green Light

The NZ Transport Agency Board has approved a business case for the next steps in a start-up trial Hamilton to Auckland passenger rail service, Transport Minister Phil Twyford announced. More>>

ALSO:

Working Group Update: Mycoplasma Bovis Eradication Making Substantial Progress

International experts are impressed by New Zealand’s efforts to eradicate the cattle disease Mycoplasma bovis and are more confident the campaign is working... More>>

ALSO: