Tridge summary
In September, New Zealand experienced a decrease in dairy export earnings, despite an increase in the volume of dairy products exported, as reported by Stats NZ. This decline was primarily due to a drop in milk fats, especially butter and milk powder exports, which were down by $35 million and $31 million respectively. Despite this setback, ASB economist Nathaniel Keall remains optimistic, citing recent price recoveries at the Global Dairy Trade auctions. Overalls, total goods exports in September fell by 8% to $4 billion.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Despite exporting a higher volume of dairy products in September, export earnings were down compared to the same time the year before, according to the latest figures from Stats NZ. Milk powder, butter and cheese exports fell $97 million, led by falls in milk fats – including butter, which data shows was down $35 million, and milk powder, which fell $31 million. «New Zealand exported a greater volume of dairy products in September 2020 than in the same month last year, but received less in return,» Nicholas Cox, senior insight analyst at Stats NZ, said on Tuesday. «The falls in butter and milk powder were price-driven, as the export volumes for both commodities were higher in 2020 by 8 percent and 4 percent, respectively,» Cox said, adding that September was «typically a low point in the export season» for dairy products. Despite the drop in dairy export earnings, ASB economist Nathaniel Keall said the outlook was not all doom and gloom. ...
Source: eDairyNews
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