Meat demand bolsters New Zealand export growth
New figures from Statistics New Zealand have revealed meat exports increased by NZ$895m (US$599m) in 2015, making the segment one of the key drivers of export growth in the country.
In fact, last year New Zealand exports of goods and services came to around NZ$69.3bn ($46.4bn), while the country was reported to have paid NZ$66.9bn ($44.8bn) in total for its imports, according to Statistics New Zealand.
Beef and lamb growth
The body reported that total exports rose by NZ$1.9bn ($1.27bn) in 2014. This growth was driven partly by the rise in beef and lamb exports to key markets like China, the US and the European Union.
The key rise, however, was driven by the spending of international visitors which rose by NZ$2.3bn ($1.54bn) in 2015, but meat certainly played its part. Dairy exports, on the other hand, fell by around NZ$3bn ($2.1bn) last year.
“Although dairy exports were lower across the year, it has remained our top export earner,” said Jason Attewell, the Statistics New Zealand senior manager of international and business performance statistics. “However, earnings from other export industries and markets have increased in significance, picking up the shortfall in dairy.”
The EU represents the largest source of imports for New Zealand, generating NZ$12.1bn ($8.1bn) in the year ending December 2015. With its close links to Australia, it is little surprise this country is the second-biggest buyer of New Zealand goods with imports totalling NZ$11.3bn ($7.5bn). China is third with NZ$10.4bn ($6.9bn), according to Statistics New Zealand.