Stable economic outlook for NZ primary industry

New Zealand’s agriculture sector is set to be stable for the current year with export earnings forecast to increase by an average of 5.4% annually to reach $47.9 billion by 2021, according to the Ministry for Primary Industries (MPI).

“This highlights again the strength of our primary industries, and the benefits of our diversified primary sector. However, lower economic growth in trade partners creates headwinds for New Zealand primary industry export growth,”MPI Director of Sector Policy, Jarred Mair, said.

“There is also continued strong growth for sectors like horticulture, forestry and arable.”

Demand from China and an increase in wood available for harvest are expected to help forestry exports reach $5.3 billion in 2017, and exceed $6.0 billion by 2020.