The Minister of Agriculture and the Minister of State for Trade and Export Growth have released the latest Situation and Outlook report for primary industries.
The reports are optimistic, with high growth in primary industry exports looking set to continue over the next two years.
Minister of Agriculture, Damien O’Connor said the report showed record results, with revenue up 3.3 per cent on the previous year and forecast to reach $47.9 billion for the year to June 2020.
“Our horticulture sector is set to become the third largest primary sector industry by value, overtaking forestry,” Mr O’Connor said.
“Kiwifruit exports alone are expected to rise by 8.6 per cent to $2.5 billon.”
He said the news was also good for other sectors with meat and wool exports forecast to reach $10.4 billion for the year ending June 2020 — 2.5 per cent higher than the previous year.
“Dairy export revenue is forecast to rise 8.4 per cent to $19.6 billion and a faster recovery in log export prices than expected last quarter has resulted in the forestry forecast being revised upwards of $190 million,” Mr O’Connor said.
Minister of Fisheries, Stuart Nash said a significant milestone had been reached for the seafood sector.
“It’s a fantastic vote of confidence to see that annual seafood export earnings are expected to pass $2 billion for the first time,” Mr Nash said.
“The growth in this industry is underpinned by an increase in export prices and rising aquaculture production.”
“It’s really encouraging to see sustained growth within the seafood sector, with squid and salmon helping lead the way,” he said.
The latest Situation and Outlook for primary industries is available at this PS News link.