15 Jun 2023

Primary industry exports expected to hit all-time high, beating forecasts

6:09 am on 15 June 2023
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Primary industry annual export earnings are forecast to reach a record high.

Ministry for Primary Industries data predicted annual export earnings could reach just over $56.2 billion by the end of the month.

The forecast is $1.2 billion higher than predicted at the end of last year, largely due to an increase in dairy, seafood, and processed food exports.

Dairy export revenue was expected to hit $25.1 billion by the end of the month, a 14 percent increase on the previous year.

Processed foods exports were predicted to grow by 6 percent, worth $3.4 billion in the year to 30 June, 2023.

The increase was driven by demand for food ingredients and products like chocolate, the data showed.

The ministry also forecast annual primary industry export earnings could reach $62 billion by 2027.

Prime Minister Chris Hipkins will officially release the data on Thursday morning at Fieldays in Hamilton.

The government must continue to open doors for New Zealand's exporters, he said.

"We need to maintain our international competitive edge to ensure New Zealand's economy remains better positioned than many others against global headwinds."