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NZ Food and Fibre Sector Surpasses Expectations, Contributing $1.2 Billion Extra to Economy

NZ Food and Fibre Sector Surpasses Expectations, Contributing $1.2 Billion Extra to Economy

The food and fibre sector has exceeded expectations by generating $57.4 billion in export revenue for the year ending June, which is $1.2 billion mor

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The food and fibre sector has exceeded expectations by generating $57.4 billion in export revenue for the year ending June, which is $1.2 billion more than originally forecasted. The export revenue for the sector has reached new heights, demonstrating an 8 percent increase compared to the previous year. Agriculture Minister Damien O’Connor attributes this success to the government’s emphasis on trade and export growth, aided by securing new Free Trade Agreements (FTAs) with countries such as the UK, EU, and China. Notably, dairy export revenue achieved a record high of $26 billion, with horticulture, seafood, and arable sectors also experiencing growth. Despite some sectors experiencing slight declines, the overall results indicate resilience in the face of global economic challenges, with the expectation of further growth in exports in the coming years.

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