New Zealand Exports Drop
March 26, 2015 New Zealand Finance
The tumbling price of dairy products has reduced the total value of New Zealand exports over the month of February.
Exports coming out of New Zealand fell to a level of NZD 3.9 billion in the month of February, down by approximately NZD 608 million compared to the same period in 2014, according to information in a new statement issued by Statistics New Zealand.
The fall was led by significant drops in the export of milk powder, butter and cheese, which fell by 41 percent compared to the previous year, a level NZD 647 million lower than in 2014.
The drop has been attributed to a 10 percent decrease in the volume of food exported, and a significant drop in the price received for the exports.
Offsetting the poor performance of the dairy exports, the value and quantity of meat exported rose significantly.
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