New Zealand expects record primary exports

WELLINGTON, June 11 (Xinhua) -- New Zealand's food and fiber exports are forecast to hit a record 64.3 billion NZ dollars (about 37.28 billion U.S. dollars) in the year to June 30, driven by strong global demand for dairy, meat and horticulture, a new report said Thursday.

The government's latest Situation and Outlook for Primary Industries report projected a 6-percent increase in export revenue, with gains across multiple sectors.

"Kiwi farmers are expected to benefit from strong farmgate returns this year due to high milk prices, record milk production and tight global red meat supplies, which will cushion against shipping and supply chain disruptions from the Middle East conflict," Minister for Trade and Investment Todd McClay said in a statement.

Dairy exports are expected to rise 5 percent to 28.6 billion NZ dollars, while meat and wool exports are forecast to jump 14 percent to 14.1 billion NZ dollars, the report said, adding that horticulture export revenue is set to increase 7 percent to 9.5 billion NZ dollars, supported by strong kiwifruit and apple harvests.

Food and fiber exports are projected to climb further to 70.1 billion NZ dollars in the year to June 30, as the government pursues its goal of doubling export value within a decade, McClay said. Enditem