Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
In the year ended November 2021, gold kiwifruit made up 47% ($1.9 billion) of total fruit export value, while green kiwifruit made up 23% ($923 million).
Stats NZ says both increases were quantity driven, with prices falling compared with a year ago. Gold kiwifruit has a traditionally higher unit price than the green variety.
Since the kiwifruit season in 2016, which is typically from March to November, gold has overtaken green in terms of value. In the 2020 season, gold kiwifruit also overtook green in terms of volume.
"While green kiwifruit continues to be in high demand, growers in New Zealand are increasingly planting gold, and now red kiwifruit, to capture greater export value in markets like China and Japan," international trade manager Alasdair Allen says.
Total fruit exports remained relatively flat, up 1.3% in the year ended November 2021 - compared with November 2020. Kiwifruit made up 71%($2.8 billion) of the total value of fruit exports, whil apples made up 21% ($843 million).
Apple exports fell 7.2% in value, with quantities down 11% this season, which traditionally ends in November.
"It's been a challenging season for apple growers, with some adverse weather events and continued labour shortages earlier in the year contributing to lower than usual output," Allen said.
