NZ exports tracking towards record high growth

Te Whanganui a Tara - Primary industry exports are forecast to reach a record high of $55 billion this year. The forecast is $2.9 billion higher than it was in June this year.

Despite the global downturn, New Zealand is tracking strongly towards a four  per cent increase in the year ending June 2023, despite global downturn, minister of agriculture Damien O’Connor says.

New Zealand’s record food and fibre export revenue is projected to reach new record highs, helping protect New Zealanders from the sharp edges of the global downturn.

The latest report from the ministry for primary industries shows food and fibre export revenue is forecast to grow to a record level of $55 billion this year.

Accelerating export growth is a major cornerstone for New Zealand’s economic recovery plan and today’s report shows further evidence that plan is working.

There is some comfort knowing demand for food and fibre should remain strong throughout any global economic downturn, so New Zealand’s economy remains better positioned when compared to others, so long as we maintain our international competitive edge.  

Dairy remains the largest export, with revenue forecast to grow six per cent to a new high of $23.3 billion. The sheep and beef sector remains strong, with red meat and wool revenue tipped to increase to a record $12.4 billion.

Horticulture export revenue is expected to grow five per cent to $7.1 billion, and strong demand for our processed food and other products is expected to drive three per cent growth to $3.3 billion. Arable export revenues should grow five per cent to $265 million.

Seafood export revenue is forecast to increase four per cent to $2 billion this year, which is a new record. Forestry export revenue is set to increase to $6.6 billion in the year to 30 June 2023.