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Forecasts Show Mid-to-long Term Optimism For Food And Fibre Sector

The latest forecast from the Situation and Outlook for Primary Industries (SOPI) report released today shows a forecast dip in export revenue, reaching $54.3 billion in the year to 30 June 2024, but that mid-to-long forecasts remain strong, Agriculture Minister Todd McClay says.

“Regardless, it is a strong result against a backdrop of challenging times and is a testament to the ongoing hard work of farmers, growers, fishers, foresters and processors.

“It’s been a tough few years for New Zealand’s food and fibre businesses. High domestic inflation rates, high interest rates, workforce shortages, adverse weather events, increasing business input costs, combined with geopolitical tensions and supply chain challenges, have put continued pressure on the sector.

“Cost of living pressure is affecting demand for red meat and dairy products, and a fall in log prices is behind an expected dip in forestry export revenue. However, export revenue for these sectors is forecast to pick up again in 2024/25.

“Encouragingly, export revenue is also forecast to build to a record $57.7 billion in the year to 30 June 2025.

“The Government has set an ambitious target to double the value of exports in ten years by pursuing quality trade agreements, conducting a record number of trade missions to open doors for New Zealand exporters and making India a strategic priority for increased trade and investment.

“We will work tirelessly to promote New Zealand exports and dismantle trade barriers that make it difficult for our food and fibre exporters to sell their high-quality produce overseas.

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“To grow New Zealand’s exports and continue providing vital food and fibre here at home, we need the right settings, tools, and support. The Government has committed to ensuring farming regulations are less costly and bureaucratic, while protecting our environment, as our domestic and overseas consumers expect.

“We are confident this will ease pressures on the sector, and enable farmers, growers, fishers, foresters, processors and others to get on with the job of running their businesses.

“The world knows our country produces high quality and safe food and fibre. The overall mid-to-long term outlook for New Zealand’s food and fibre exports looks strong and provides a healthy level of optimism looking forward.”

A copy of SOPI is available on the MPI website.

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