Lousy Weather Boosts New Zealandís Economy

06 March 2012 - Which Way to Pay

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Lousy Weather Boosts New Zealandís Economy

The bad weather seen across New Zealand this summer has actually been a blessing in disguise for local farmers, as the wet weather has boosted agricultural output to reach 10 year record highs. The wetter conditions allowed many regions to increase productivity.

According to a survey conducted by the Federated Farmers over the last 12 months, the export value from the countryís key agricultural export industries has grown by NZD 2.6 billion. Other releases by Statistics New Zealand, including Overseas Trade Indexes and New Zealandís Overseas Merchandise Trade for January 2012, has pointed to a bumper export performance led by New Zealandís farm systems.

Bruce Wills, Federated Farmers President has said, ďDespite the occasional weather bomb, such as the weekendís storm, wrecking havoc, the summer of 2012 may go down as the dismal summer that boosted the economy.Ē He added, ďThe increased value of dairy, meat, wood, fruit, fish and wine exports this season is more than all the revenue generated by Telecom. This increased export value provides 2.6 billion reasons why New Zealand needs to safeguard and maximise its agricultural potential. Merchandise export volumes right now are at their highest in 22 years and New Zealandís merchandise exports are up 13 % on January 2011.Ē

However, some have said there are dark clouds on the horizon as growing tensions in the Middle East and the economic conditions in Europe could easily escalate. Most economic forecasts expect commodity prices will ease over 2012, with particular pressure on meat. Mr Wills said that the dismal summer proves the value of water and without guaranteed access to water, increased production rests in the lap of the gods. He also said that while they have achieved significant success there is still much to be done.


Related Links:
• Federated Farmers
Independent rural advocacy organisation
• Statistics New Zealand
Overseas Trade Indexes
• Statistics New Zealand
Overseas Merchandise Trade
• Latest News
For regular economic updates
• Economic Calendar
For scheduled economic events


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