China trade delivers 'tangible benefits'
China’s Ambassador Wang Xiaolong says bilateral economic and trade cooperation between China and New Zealand has made significant and rapid progress.
Red meat exports topped $932 million during February, with demand from the US helping to offset the weak Chinese market.
Overall, New Zealand red meat exports in February were up 10% on the relatively low export value recorded in February 2023, largely due to a rise in sheepmeat and beef exports, particularly to the US.
Sheepmeat exports increased to nearly all major markets, apart from China where the volume fell by 8% to 19,401 tonnes.
Beef exports increased by 20% overall to 48,431 tonnes. This was 15% above the average for February exports over the last five years and included a 4% increase to China.
The EU and UK markets saw an increase in both volume and value for beef. So far this year, New Zealand has exported 998 tonnes of beef to the EU, worth $19.8m, a 38% increase in volume and 16% increase in value compared to the first two months of last year.
The average free on board (FoB) value of beef exports to the EU is $19.83/kg, more than twice the $8.31/kg average for beef exports.
Meat Industry Association chief executive Sirma Karapeeva said increased export volumes to the US were helping to offset lower demand from China.
“In February, the US accounted for nearly the same proportion of overall exports as China – 28% and 30% respectively.
“However, the results from the high value EU market highlights how the limited quota for beef in the Free Trade Agreement is a real missed opportunity for companies to develop a valuable market to help boost economic returns for the sector and the country.”
The Ministry for the Environment (MfE) has found itself in a stoush with NZPork over the controversial National Policy Statement for Highly Productive Land (NPS-HPL).
Fonterra says the sale of its global consumer business and its Oceania and Sri Lankan operations could take 18 months to complete.
The lobby group the Methane Science Accord (MSA) says it welcomes a recent government move to seek outside advice on reducing biological methane targets, rather than relying on recommendations made by the Climate Change Commission.
Well-known scientist Jock Allison has passed away.
After a decade of consultation and court battles, Environment Southland has officially adopted a plan to prevent further decline in the region's water quality.
Farmers are throwing down the gauntlet to politicians - hold an independent inquiry into rural bank lending or face tough questions from the farming sector.