WELLINGTON, Dec 1 (NNN-XINHUA) – New Zealand’s food and fibre export revenue, is projected to reach a new record high, which provides the cornerstone for the country’s economic recovery, and helps protect it from the sharp edges of the global downturn, an official report said today.
The Situation and Outlook for Primary Industries (SOPI) was released by the Ministry for Primary Industries, which shows food and fibre export revenue is forecast to grow to a record level of 55 billion NZ dollars (34.76 billion U.S. dollars) this year.
“Despite the global economic storm gathering, the latest SOPI results show, our food and fibre export revenue continuing to climb,” said Agriculture Minister, Damien O’Connor.
The forecast increase of four percent in the year, to Jun 30, 2023, is on top of New Zealand’s record export revenue, achieved last year, and 2.9 billion NZ dollars (1.83 billion U.S. dollars) higher than earlier forecasts, made in Jun, 2022, O’Connor said.
Dairy remains the largest export, with revenue forecast to grow six percent, to a new high of 23.3 billion NZ dollars (14.73 billion U.S. dollars), he said, adding, the sheep and beef sector remains strong, with red meat and wool revenue tipped to increase to a new record.
Finance Minister, Grant Robertson, said, the government accounts are in a solid position, despite a deteriorating global environment.
“The sobering reality is, global growth is slowing, and New Zealand will not escape its impact, with forecasts of a shallow recession next year,” said Robertson, who is also the deputy prime minister.– NNN-XINHUA
