WELLINGTON, Dec. 1 (Xinhua) -- New Zealand's food and fiber export revenue is projected to reach a new record high, which provides the cornerstone for the country's economic recovery and helps protect it from the sharp edges of the global downturn, an official report said on Thursday.
The Situation and Outlook for Primary Industries (SOPI) was released by the Ministry for Primary Industries which shows food and fiber export revenue is forecast to grow to a record level of 55 billion NZ dollars (34.76 billion U.S. dollars) this year.
"Despite the global economic storm gathering, the latest SOPI results show our food and fiber export revenue continuing to climb," said Agriculture Minister Damien O'Connor.
The forecast increase of four percent in the year to June 30, 2023 is on top of New Zealand's record export revenue achieved last year, and 2.9 billion NZ dollars (1.83 billion U.S. dollars) higher than earlier forecasts made in June 2022, O'Connor said.
Dairy remains the largest export, with revenue forecast to grow six percent to a new high of 23.3 billion NZ dollars (14.73 billion U.S. dollars), he said, adding the sheep and beef sector remains strong, with red meat and wool revenue tipped to increase to a new record.
Finance Minister Grant Robertson said the government accounts are in a solid position despite a deteriorating global environment.
"The sobering reality is global growth is slowing and New Zealand will not escape its impact, with forecasts of a shallow recession next year," said Robertson who is also the deputy prime minister.