New Zealand's export revenue will reach 54.3 billion NZ dollars (about 33.9 billion U.S. dollars) in the year to June 30, 2024, according to the latest forecast from the Situation and Outlook for Primary Industries.
"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," said Agriculture Minister Todd McClay.
New Zealand's food and fiber businesses have been suffering from high domestic inflation rates, high interest rates, workforce shortages, adverse weather events, increasing business input costs, combined with geopolitical tensions and supply chain challenges, McClay said.
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 and 2025, he said, adding that export revenue is forecast to reach a record 57.7 billion NZ dollars (about 36 billion U.S. dollars) in the year to June 30, 2025.
The government has set an ambitious target to double the value of exports in 10 years by pursuing quality trade agreements, and conducting a record number of trade missions to open doors for New Zealand exporters, the minister said.
The government will ensure farming regulations are less costly and bureaucratic, while protecting the environment, he said.
Latest comments