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25% of New Zealand’s export earnings from Fonterra

Media Release
21 July 2008

25% of New Zealand’s export earnings from Fonterra

The valuable contribution dairying makes to the New Zealand economy has been highlighted in a report prepared by Statistics NZ for Fonterra which shows that Fonterra now accounts for a quarter of the country’s export earnings.

Fonterra Chairman Henry van der Heyden said the figures for the year to May 2008 confirmed “dairying and our dairy farmers as a true cornerstone of our economy.

“While there’s an obvious contribution to our export receipts and the trade balance, the real benefits here are the contribution from dairying which starts on the farms of our shareholders and flows through local communities and the regions, and our cities.”

In the latest figures dairying’s contribution has risen by more than three percent to a total of 27% of New Zealand’s export revenues, and Fonterra’s contribution alone is 25%.

Clearly much of this increase has been driven by record high commodity prices. If we hadn’t had the drought, which saw our milk production drop by around four percent, the figure could have been even higher.

“This is a business that touches every corner of New Zealand with direct employment and many thousands more jobs and economic activity. Everything from professional services, consultancy and construction work, through to transport, technology and research,” Mr van der Heyden said.

At a time of slowing economic growth nationally, Mr van der Heyden said confidence has never been stronger in dairying, with a record payout to farmers in 2007/08 and a strong start to the new season.

“We’re seeing continued investment from farmers and in our processing capacity – that’s a huge boost, particularly for regions like Southland with a lot of new jobs and benefits flowing through,” he said.

“It’s great that dairying is able to make such a positive and timely contribution to the New Zealand economy at a time when the broader economy is facing increasing pressure.”

ENDS

About Fonterra
• Fonterra is the world’s largest dairy exporter and the fifth largest dairy company in the world, with annual turnover of NZ$14 billion.
• As New Zealand’s largest and truly multinational business, Fonterra trades in 140 countries.
• Our portfolio includes dairy ingredients, liquid and powdered milks, cultured foods and yoghurts, butter, cheese and specialty foodservices products.
• Our brands include Anchor, Anlene, Anmum, Fresh n’ Fruity, Mainland, Peters & Brownes, Tip Top, Chesdale and Bega.

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