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Primary industries in good shape to respond to drought and Covid-19

Primary industries in good shape to respond to events

Field Notes, powered by KPMG, is a weekly news update on news nationally and globally from the agri-food sector.

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Ian Proudfoot

Global Head of Agribusiness, Partner - Audit

KPMG in New Zealand

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[12 March, The Country]

The Ministry for Primary Industries have released a new Situation Outlook for Primary Industries (SOPI) which has forecasted that New Zealand’s primary sector revenue will rise by 0.5 percent in the year to June 2020 despite the global impact of Covid-19. Agriculture Minister Damien O’Connor reported that the first six months of the year had a strong performance and that the sector is showing resilience despite domestic drought and the current global conditions. SOPI forecasts estimated a 2.2 percent fall in seafood export revenue due to the impact of Covid-19 on the rock lobster industry. Mr O’Connor reported that despite forecasts showing that in the short-term export revenue will fall, there is still a positive outlook in the long-term. Certain exports have had continued demand including infant formula, skim milk powder, kiwifruit, apples, pears and wine.

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