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Emma Higgins, Rabobank
A bonus for the country’s primary exports with the final figure for the end of June hitting $53.3 million – $1.1 billion more than projected.
Agriculture Minister Damien O’Connor described the result as an outstanding testament to the ongoing efforts of our farmers, growers, foresters, fishers and processors. The June quarter saw a strong finish with meat and dairy leading the charge bringing in an additional $1.1 billion to the economy.
O’Connor says the food and fibre sector continues to head New Zealand’s export-led economic recovery. He says the data also showed seafood and horticulture exports surpassing the previous year’s exports.
“Food and fibre exports made up 81.4% of New Zealand’s total exports in the year to 30 June 2022. In the two years since Covid-19 collectively, the sector has done a terrific job keeping the wheels of the economy turning.”
Meanwhile, Rabobank’s Emma Higgins says the result is certainly worth celebrating. She says it reflects the fact that in the last year, and in particular the last quarter, there has been really strong demand from our key markets – especially for sheep and beef, and also for dairy until recently.
Higgins says the demand for NZ products has seen record prices being paid for some of our primary exports. However, she warns that the situation may change in the next 12-18 months when some of the ramifications of the present geopolitical situation kick in.
Higgins adds that the effects inflation could be another factor to watch for in the future.
A new Indonesian school milk programme is expected to significantly increase the country's total dairy consumption, creating opportunities for New Zealand and other global dairy players.
Twenty rural community hubs across New Zealand will receive $5,000 to upgrade their facilities having been selected as the winners of Rabobank's Community Hub Competition.
Horticultural prices are set to remain elevated this year, reflecting the balance between demand in key export markets and an increase in supply.
New Zealand is so far escaping the unpredictable vagaries of President Donald Trump's trade policies by the skin of its teeth.
The cost of producing milk in New Zealand continues to compare favourably with other exporting regions despite a lift in production costs over the past five years.
Farmers appear to be backing the Government's recent Resource Management Act (RMA) reforms announcement.
For the first time, all the big names in agricultural drone technology are being brought together under one marquee at the National Fieldays.
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
The Fieldays Innovation Awards competition has attracted a diverse and impressive array of innovations from across the primary industries, highlighting the growing importance of technology shaping the future of farming.
Coming to the fore following the carnage of Cyclone Gabrielle, Starlink became well known for providing internet access even in NZ's most inaccessible places.
From this winter farmers will have a greater choice of feed types and blend options than ever before, thanks to Farmlands' purchase of animal nutrition company SealesWinslow.
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