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Dairy exports up, good ‘nutrition’ for economy<br />
The value of New Zealand dairy<br />
exports jumped by $1.47 billion to<br />
total $18.1 billion in the year ended<br />
June 30, that’s got to be some good<br />
nutrition for the New Zealand<br />
economy, and help towards<br />
providing Kiwis with more of what<br />
they say matters to them, says<br />
professor Graeme Doole, DairyNZ<br />
principal economist.<br />
It doesn’t take an economist to tell<br />
you that if we’re to afford more of<br />
what is important to our quality of<br />
life here in New Zealand, the<br />
economy has to grow and it has to<br />
grow sustainably and responsibly to<br />
ensure our future generations can<br />
continue to benefit and enjoy ahigh<br />
level of wellbeing, he says.<br />
‘‘Given our relatively small<br />
population base, the way to grow a<br />
strong and healthy economy is by<br />
increasing exports of highvalue<br />
products.<br />
‘‘As New Zealand’s largest<br />
exporter of goods, the dairy sector<br />
currently sits at 31 percent of total<br />
merchandise exports, having grown<br />
in value over the past two decades at<br />
acompound annual rate of eight<br />
percent per year.<br />
This remarkable growth has been<br />
achieved both through increased<br />
milk production and by increasing<br />
the value of exports through the<br />
ongoing product innovation and<br />
skilled, targeted marketing by New<br />
Zealand’s dairy processing<br />
companies.<br />
‘‘And it’s also important to note<br />
that this growth is being achieved at<br />
the same time the dairy sector is<br />
stepping forward to embrace greatly<br />
improved environmental practices,<br />
both on farm and in processing.<br />
‘‘Dairy exports are amajor driver<br />
of New Zealand’s terms of trade <br />
this is the ratio of the value of our<br />
exports to the value of our imports.<br />
An improvement in anation’s terms<br />
of trade increases the purchasing<br />
power of its people as they can afford<br />
more imports for agiven level of<br />
exports. Due to this effect the export<br />
performance of the dairy sector is<br />
helping to lower the price of<br />
everything New Zealand imports.<br />
‘‘Take the cars we drive, for<br />
example. Thanks to the value of dairy<br />
exports, we can afford to import a<br />
better quality of vehicle than we<br />
would otherwise, and, collectively,<br />
we do own more than four million of<br />
them New Zealand coming in at<br />
third in the world for vehicle<br />
ownership per capita, behind the tiny<br />
European microstate of San Marino<br />
and the not much larger Monaco.<br />
Then there’s the fuel we import to<br />
propel them.<br />
‘‘Our muchloved, and also<br />
imported coffee is abit cheaper too,<br />
so is the imported sugar to stir into it,<br />
and even the imported cinnamon to<br />
sprinkle on it if your preferred jolt<br />
has alittle spice on top.<br />
‘‘The list of imported products and<br />
services that are more affordable for<br />
Kiwis because of the value of dairy<br />
exports is endless.<br />
‘‘In the year ended June <strong>2019</strong>,<br />
dairy earned more than twice as<br />
much as the meat and forestry<br />
sectors, and 10 times more than wine.<br />
‘‘As in previous years, our dairy<br />
products went to more than 140<br />
different countries, the top markets<br />
being China, Australia, the United<br />
States of America, the United Arab<br />
Emirates and Japan.’’<br />
‘‘It’s reached the point where,<br />
today we can say that every one of the<br />
46,000 people employed by the dairy<br />
sector brings in the equivalent of<br />
$393,000 in export earnings; and<br />
every one of the country’s milking<br />
cows earns $3,625.<br />
Dairy is certainly good nutrition<br />
for our economy aswell as our<br />
people and it’s tasty too.’’<br />
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