![]() ![]() Meanwhile, the US Federal Reserve this week made a long awaited step towards normalising its abnormally low interest rates. This is not dissimilar to the messages from our banking Survey. REINZ noted the increase in volumes reflects improving conditions in the rural market although it added that financial institutions are maintaining expenditure restrictions on farmers and continuing to insist on fiscal prudence. The Index adjusts for differences in farm size, location and type, unlike the median price per hectare. ![]() However, compared to November 2015 the REINZ All Farms Price Index rose 4.9 percent. The median price per hectare for all farms sold in the three months to November 2016 was $26,348, down 8.1 percent on the same period last year. Overall, there were 1,803 farms sold in the year to November 2016, 1.9 percent more than were sold over the year to November 2015. The Real Estate Institute’s monthly Rural Statistics, showed a revival in farm sales with 447 farm sales in the three months ended November 2016, up 31 (or 7.4 percent) compared to the same period last year. ![]() ![]() Overall, from 2016 to 2021 its exports will be down $71 million (or 0.8 percent) at $9.1 billion.Īs always commodity prices can be very volatile and their swings and roundabouts will continue to be the major determinant of export revenue and ultimately the prices farmers get for their products. The downside is meat and wool where growth will only slowly recover from the current season’s drop and in 2021 it will still not have recovered completely. Forestry, horticulture and seafood are all expected to continue posting steady growth over the next five years. Much of the growth will be for dairy products, expected to rise by $7.3 billion (or 55.4 percent) to reach $20.7 billion. Looking ahead, MPI is forecasting export growth of 5.4 percent per year from 2016 to 2021, when it expects primary sector exports to be $47.9 billion. Total export revenue is forecast to be $36.7 billion for the year to June 2017, down $0.3 billion from the previous year. However, this is offset by a forecast 10.8 percent decline in meat and wool exports. It considers the outlook across the primary sector to be stable for the current year, as the dairy industry begins to rebound from 2016’s low and growth continues for the horticulture and forestry sectors. The Ministry for Primary Industries has released its latest Situation & Outlookfor the Primary Industries. ![]()
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