NEW ZEALAND, Wellington. New Zealand's agricultural export earnings have been on a steady growth path for several years now; they are also heading for a new record result in the 2019/2020 fiscal year, which runs until June.
According to a current forecast by the Ministry of Agriculture, export revenues, including the forestry and fisheries sectors, will amount to a total of around €28.4 bn.; this would be around €920 mill. or 3.3% more than in 2018/2019. With the exception of forestry, all other sectors are showing signs of growth. In the coming year 2020/21, export revenues are also expected to increase by two percent.
New Zealand's Minister of Agriculture Damien O`Conner attributes the current upswing to higher world market prices in many product areas, strong demand in Asia and the depreciation of the New Zealand dollar against the American dollar. By far the most important agricultural export commodity of the "Kiwis" are dairy products. In 2019/2020, the export in question is likely to bring the suppliers a record sum of around €11.7 bn., which would represent an increase of €908 mill. or 8.4% compared to the previous year. This is mainly due to the extensive milk powder exports to China. The People's Republic's large import requirement for meat due to the African swine fever (ASP) epidemic there has caused international prices to rise, from which New Zealand is also benefiting.
Export revenues for meat including wool and skins are expected to increase by 2.5% to €6.2 bn. compared to 2018/2019. According to the ministry, the increase would be even higher if the prices for wool had not plummeted. In 2019/2020, horticultural products are expected to move into third place among export goods with an expected increase of 4.7% to €3.8 bn. More apples and pears could be exported, while kiwis achieved good prices, the Ministry reported. On the other hand, the export of forestry products such as wood has seen prices fall, which is why revenues are expected to fall by 12.8% to €3.6 bn. compared to the record revenues of 2018/2019. For seafood, arable crops and processed foods, on the other hand, the Ministry of Agriculture expects higher export revenues in 2019/20.