This was an increase on the $54.6 billion the primary industries earned in the year to June 2024 – but was down 7 percent on 2023’s record of $57.4 billion for export revenues.
Dairy export revenue is forecast to increase 10 percent to $25.5 billion due to the combination of higher dairy prices and tighter global supply.
Just last week, Fonterra announced a record forecast milk price payout for this season of $10 a kilogramme of milk solids.
Horticulture continues to surge, with export revenue projected to reach a record $8 billion in the year to 30 June 2025 – a 12 percent increase.
Exports of kiwifruit in particular are set to exceed $3 billion for the first time, reflecting strong international demand for New Zealand’s premium produce.
Despite the forestry and the red-meat sectors facing tough times driven by low prices, both are forecast to see export revenue rise.
Meat and wool export revenue is forecast to increase slightly to $11.4 billion – with rising prices offsetting declines in export volumes.
Forestry export revenue is expected to rebound 4 percent to $6 billion, recovering from domestic supply-side disruptions and slow global demand over the previous two years.
Agriculture and Trade Minister Todd McClay said the primary sector was the backbone of the economy.
“The hard work and innovation of our world leading farmers, growers, fishers, foresters and processors are driving these exceptional results,” McClay said.
The primary sector would continue to play a key role in achieving the “ambitious” target of doubling exports by value in 10 years – and the government was working to ensure the regulations help the sector achieve it, he added.
“To drive this growth the government has moved swiftly to remove regulations hampering the sector’s success.
“Already we’ve rolled out a comprehensive package of changes to reduce costs for farmers, drive productivity, slash red tape, streamline approvals, and secure trade deals that increase market access and boost returns.”
Global consumers were demanding high-quality, safe and sustainable food and fibre products, he said.
“New Zealand producers are well placed to provide this.”
He said renewed engagement and increased building activity in China would drive higher demand for logs and processed wood products.
