Field Notes, powered by KPMG, is a weekly news update on news nationally and globally from the agri-food sector.
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.
© 2020 KPMG, a New Zealand Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.