Lower North Island farmers “cautiously optimistic” heading into winter – DairyNZ
Cautiously optimistic is how DairyNZ's regional manager for the lower North Island, Mark Laurence describes the mood of farmers in his patch.
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.
Like many manufacturers around the world, European agricultural machinery and tractor manufacturers are currently operating in a difficult market environment. But they are heading to the world’s largest agricultural machinery event in Hanover next month with a degree of cautious optimism.
Established in 2021, the John Deere Technician of the Year Awards champion the important contribution parts and service technicians make to the Australian and New Zealand agriculture, construction and forestry industries.
Beef + Lamb New Zealand (B+LNZ) is calling on farmers from all regions to take part in the final season of the Sheep Poo Study aiming to build a clearer picture of how facial eczema (FE) affects farms across New Zealand.
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The ACT Party says media reports that global dairy giant Nestle has withdrawn from the Dairy Methane Action Alliance shows why New Zealand needs to rethink its approach to climate.
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