Coronavirus: Primary sector exports tipped to grow by $1.7b despite pandemic

Published 2020년 6월 20일

Tridge summary

Despite a decline in exports of rock lobster and logs, New Zealand's primary sector is projected to grow its exports by $1.7 billion this year, as per the Ministry for Primary Industries. The country's agriculture sector has seen a rise in export revenue by 4.5% compared to the previous year, largely driven by demand for fresh fruit, red meat, and dairy. The dairy exports have experienced a notable increase since March. Although the forestry sector has been adversely affected by the lockdown, with a decrease in revenue, it is expected to recover. The government remains optimistic about the primary sector's role in the country's economic recovery from Covid-19.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Exports of rock lobster and logs took a multimillion-dollar hit during lockdown but the outlook for New Zealand's primary sector isn't all doom and gloom. In fact, exports from the sector are on track to grow by $1.7 billion this year, according to the Ministry for Primary Industries (MPI). The ministry released an Economic Update for the Primary Industries this week, in place of its usual quarterly Situation and Outlook report. The update showed year-to-date primary industries export revenue was tracking 4.5 per cent ($1.7b) higher than last year. Agriculture Minister Damien O'Connor said the predicted growth would help underpin New Zealand's Covid-19 recovery. “Overseas consumers are now more than ever looking for healthy, New Zealand-made food. We’ve seen that with the sustained demand for fresh fruit, particularly in Europe and North America and the strong demand for red meat in China,” O’Connor said. “Our farmers and growers are in a strong position to help us reboot our ...

Source: Stuff NZ