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

 

Forestry export demand weaker

Forestry export demand weaker

A developing oversupply of logs in China and continuing currency pressure has resulted in a small fall in New Zealand forestry export earnings for the latest quarter.

The Ministry of Agriculture and Forestry has this week released forestry production and trade figures for the December 2011 quarter.

The total value of New Zealand forestry exports for the quarter to 31 December 2011 was down $56.1 million on the previous December quarter, at NZ$1.1 billion.

But overall earnings were up for the 2011 calendar year (to 31 December), because China drove strong demand during the middle part of the year. The value of forestry exports increased by NZ$257.5 million to NZ$4.5 billion for the year.

Forestry still accounted for around 10 percent of New Zealand’s total merchandise exports, at 9.8 percent for the 2011 calendar year (ending 31 December), compared with 10.2 percent the previous year.

Conditions were still challenging for the sawn timber industry, with total export earnings and volumes decreasing to NZ$751.0 million and 1.9 million cubic metres. MAF reports this is due to continuing weak housing sectors in the high-value United States and Australian markets, exacerbated by high exchange rates for key trading currencies.

For more information, go to the full reports in the Publications section of the MAF website.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>