Agriculture Minister Damien O’Connor is praising the dairy sector’s contribution to New Zealand’s economy.
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Agriculture Minister Damien O'Connor
Agriculture Minister Damien O'Connor

Speaking at the opening of Dairy Business 360 Conference in Hamilton this morning, O’Connor noted that dairy farmers showed “incredible work ethic and resistance to get the job done”.

He says the effort of the dairy sector is helping to keep the wheel of the country’s economy turning.

The food and fibre sector remains the powerhouse of NZ economy.

For year ending June 30, 2022, the food and fibre sector export revenue hit a record $53.3 billion, representing 11.1% of the country’s GDP.

He says dairy made up nearly half of that food and fibre export revenue with $22b.

“This is an impressive performance by the dairy sector in the face of challenges from Covid-19 to the Russia-Ukraine conflict and extreme weather conditions,” he says.

Fonterra Cooperative Group, the world’s biggest dairy exporter, raised its earnings forecast for the second time in three months after a strong first quarter driven by demand for protein products.

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