NZ Food and Fibre Export Revenue to Hit $66.6 Billion by 2028

"This achievement is testament to the hard work and resilience of our farmers, growers, processors, fishers, and foresters," said Mr. McClay.

Food and fibre export revenue is projected to reach $54.6 billion this year and is expected to hit a record $66.6 billion by 2028, according to Agriculture Minister Todd McClay and Oceans and Fisheries Minister Shane Jones. The Government's focus on improving market access and reducing regulatory burdens is credited for this optimistic outlook.

"This achievement is testament to the hard work and resilience of our farmers, growers, processors, fishers, and foresters," said Mr. McClay.

Despite global inflation and decreased demand causing a 5% dip from last year's record $57.4 billion, export revenue is anticipated to grow significantly over the next four years, reaching an all-time high of $66.6 billion in 2028.

Mr. McClay highlighted the Coalition Government's ambitious goal of doubling the value of exports within ten years, emphasizing the pivotal role of the food and fibre sector in achieving this target.

"As a small exporting economy, the Government is committed to easing the path for New Zealand’s exports and tackling barriers faced by our food and fibre exporters," he said. McClay also noted that his visits to China, the Gulf regions, India, and Southeast Asia have initiated negotiations for a Comprehensive Economic Partnership Agreement with the United Arab Emirates, opening up new commercial opportunities for exporters.

"The continued growth of New Zealand’s high quality, safe, and sustainable exports boosts our economy, reduces the cost of living, and funds the public services Kiwis deserve," McClay added.

Mr. Jones echoed the sentiment, stressing the need for appropriate settings, tools, and support for producers to sustain the growth of exports and meet both domestic and international demand for food and fibre.

"The Government is working to ensure regulations are less costly and bureaucratic while protecting our environment, as our domestic and overseas consumers expect," he said.

Jones highlighted the recent introduction of the Resource Management (Extended Duration of Coastal Permits for Marine Farms) Amendment Bill, which will extend current resource consents for marine farms by up to 20 years. This move aims to reduce the regulatory burden on the aquaculture industry and provide certainty for the future of marine farms.