Keeping a watch on dairy farms
OPINION: Dairy farmers are under increasing pressure to safeguard their livestock, equipment and operations from a range of security threats.
Falling dairy prices were a key contributor to a widening current account deficit in the March quarter, Statistics New Zealand says.
New Zealand's current account deficit was $2.8 billion in the March quarter which is $0.6 billion larger than the December 2011 quarter deficit.
For the March 2012 year, New Zealand's current account deficit was $9.7 billion (4.8% of GDP). This compares with a deficit of $7.2 billion (3.7% of GDP) for the March 2011 year.
The quarterly deficit increase to $2.8 billion was mainly caused by a turnaround in New Zealand's international trade in goods and services, which was a deficit for the first time since the December 2008 quarter.
Dairy products, crude oil, and fruit drove goods exports down, while imports of crude oil increased.
"The value of dairy exports fell despite an increase in volumes, as dairy prices fell for the third quarter in a row," balance of payments manager John Morris says.
Spending by visitors to New Zealand also fell as visitor numbers dropped following the Rugby World Cup.
Profits earned by foreign-owned companies in New Zealand fell in the March quarter, partly offsetting the falls in exports of goods and services.
Despite the fall in profits, earnings reinvested in New Zealand by these companies increased $0.4 billion this quarter. I
In contrast, dividends paid to overseas investors by these companies fell $0.8 billion, to their lowest level in over seven years.
The year-end deficit increase to $9.7 billion was mainly due to higher profits earned by foreign-owned banks and increased imports of petroleum and petroleum products. Services imports and transfer payments to overseas also increased over this time, due to the rising costs of reinsurance in the latest
year.
Despite the current account deficit in the March 2012 quarter, New Zealand's net international liability position decreased to $143.2 billion (70.9% of GDP) at 31 March 2012, from $146.3 billion (72.9% of GDP) at December 31, 2011.
Use of agricultural drones by contractors in New Zealand is soaring.
A deterioration in the quality of New Zealand's wool clip is a problem for manufacturers and exporters, says Associate Agriculture Minister Mark Patterson.
Deputy Prime Minister and Foreign Minister Winston Peters has sought to silence critics who insist that New Zealand should be responding hard and publicly to US President Donald Trump's tariff policy.
The Primary Production Select Committee is calling for submissions on the Valuers Bill currently before Parliament.
Horticulture New Zealand (HortNZ) says that commercial fruit and vegetable growers are getting ahead of freshwater farm plan regulations through its Growing Change project.
Lucidome Bio, a New Zealand agricultural biotech company was recently selected as one of fourteen global finalists to pitch at the Animal Health, Nutrition and Technology Innovation USA event in Boston.
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