Post-COVID-19 New Zealand trade: Tough times ahead for seafood and dairy, say officials
Published Jul 14, 2020
Tridge summary
New Zealand food exports of traditionally strong-performing products such as seafood and dairy are expected to take hits in the coming months in the wake of the COVID-19 pandemic outbreak due to transportation challenges and weakened demand from key markets.
Original content
This was according to the New Zealand Ministry of Primary Industries’ ‘Economic Update for the Primary Industries June 2020’ report, which was released by the ministry’s Economic Intelligence Unit (EIU) in place of its annual Situation and Outlook for Primary Industries (SOPI) forecasting document in light of COVID-19. “As the situation changes on an almost daily basis and the outlook for our sectors is more uncertain than ever before, [this report reveals] how COVID-19 has disrupted New Zealand’s primary industry exports, and how the primary sector could fare in the wake of the largest economic shock in generations,” said the EIU. Seafood was highlighted as one of the most at-risk export commodities for the country, mainly due to its high dependence on China and Hong Kong for 35% of this trade, and even more so in terms of inshore shellfish like rock lobster, of which 93% goes to China and Hong Kong. “New Zealand’s seafood export revenue tracked down 27% in February and down ...
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