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

 

Farmers help shave trade deficit

Farmers help shave trade deficit

Those looking for the ‘next big thing’ to export are advised to look at agriculture, with the sector helping New Zealand towards an actual trade deficit for October, $138 million less than forecast.

“While the trade deficit is still deep in the red, it’s the exporters, especially in the agricultural sector, who are helping New Zealand advance economically,” says Philip York, Federated economic and commerce spokesperson.

“Despite the high Kiwi dollar exports are up almost a quarter, at 24 percent, year-on-year.

“I think we can all collectively thank China. Its demand for protein, led by dairy as well as other commodities, has literally exploded.

“This explains why Federated Farmers is so keen on free trade agreements. By any measure, our agreement with China has been a success and that must annoy the lunatic fringe.

“While we say roll-on Russia, India and the Trans Pacific Partnership, we still hold out hope for the Doha trade round, given such engagement by these major economies.

“But the concern Federated Farmers has, shared by the Reserve Bank, is the spending trajectory we’re on as a country.

“Standard & Poor’s placed our foreign currency sovereign credit rating outlook on negative for a good reason. It’s a warning about the size of Government, given Government is consuming 44 percent of our economy – eight percent more than what it did in 2000.

“That’s $30 billion in real terms, which is unavailable to the private sector, to help grow companion industries that the agricultural sector wishes to see emerge.

“Developing Kiwi-based versions of Monsanto, Novartis and the like, builds off the deep institutional knowledge we have for producing and exporting food.

“In terms of spending choices, the ability to export more protein and fibre is being held back by not treating water storage as national infrastructure. It’s a summer thing and summer is a production lottery, yet it’s one that could be made far less by water storage.

“What’s the point of a nice road to a port if we’re under producing our real potential?” Mr York concluded.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:



Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: