Latest news with #PSGF
Scoop
2 days ago
- Business
- Scoop
New Zealand Food And Fibre Exports On Track To Break New Records
Press Release – New Zealand Government The numbers speak for themselves, but the Government remains laser-focused on doubling the value of exports in 10 years, driving higher farm & forest gate returns, and backing the long-term capability, resilience, and health of rural New Zealand, … Minister of Agriculture Minister of Forestry Farmers, growers, foresters, fishers and primary processors are driving New Zealand's economic recovery with export revenue on track to surpass $60 billion for the first time, Agriculture and Forestry Minister Todd McClay announced today at Fieldays. 'The latest Situation and Outlook for Primary Industries (SOPI) report forecasts export earnings of $59.9 billion for the year ending 30 June 2025, $3 billion higher than projected in December. This momentum is expected to continue, with exports reaching $65.7 billion by 2029,' Mr McClay says. 'These figures reflect the hard work and resilience of the hard working men and women of provincial New Zealand. 'Strong global demand and healthy prices across key markets are positioning our high-quality, safe and sustainable food and fibre exports for record growth.' Growth highlights include: dairy export revenue lifting 16 per cent to reach a record $27 billion meat and wool export revenue increasing 8 per cent to $12.3 billion horticulture export revenue growing by an impressive 19 per cent reaching $8.5 billion forestry export revenue jumping 9 per cent to $6.3 billion Seafood export revenue lifting 2 per cent to $2.2 billion. 'The numbers speak for themselves, but the Government remains laser-focused on doubling the value of exports in 10 years, driving higher farm and forest gate returns, and backing the long-term capability, resilience, and health of rural New Zealand,' Mr McClay says. 'We're investing heavily to deliver tools and technology to farmers and growers to tackle agricultural emissions with more than $400 million in continuing funding over the next four years and making targeted reforms to support farmer and grower success. 'Through the Budget, we launched the new $246 million Primary Sector Growth Fund (PSGF) to boost on-farm productivity and resilience. 'Our trade work continues at pace to open doors for Kiwi exporters, and our new Investment Boost tax incentive will encourage businesses to invest, be more competitive, grow the economy, and lift wages. 'When rural New Zealand does well, the whole country benefits,' Mr McClay says. 'That's why we're making sure our Primary Sector have the tools and support they need to deliver long-term economic growth and regional prosperity for all New Zealanders.'
Scoop
2 days ago
- Business
- Scoop
New Zealand Food And Fibre Exports On Track To Break New Records
Minister of Agriculture Minister of Forestry Farmers, growers, foresters, fishers and primary processors are driving New Zealand's economic recovery with export revenue on track to surpass $60 billion for the first time, Agriculture and Forestry Minister Todd McClay announced today at Fieldays. 'The latest Situation and Outlook for Primary Industries (SOPI) report forecasts export earnings of $59.9 billion for the year ending 30 June 2025, $3 billion higher than projected in December. This momentum is expected to continue, with exports reaching $65.7 billion by 2029,' Mr McClay says. 'These figures reflect the hard work and resilience of the hard working men and women of provincial New Zealand. 'Strong global demand and healthy prices across key markets are positioning our high-quality, safe and sustainable food and fibre exports for record growth.' Growth highlights include: dairy export revenue lifting 16 per cent to reach a record $27 billion meat and wool export revenue increasing 8 per cent to $12.3 billion horticulture export revenue growing by an impressive 19 per cent reaching $8.5 billion forestry export revenue jumping 9 per cent to $6.3 billion Seafood export revenue lifting 2 per cent to $2.2 billion. 'The numbers speak for themselves, but the Government remains laser-focused on doubling the value of exports in 10 years, driving higher farm and forest gate returns, and backing the long-term capability, resilience, and health of rural New Zealand,' Mr McClay says. 'We're investing heavily to deliver tools and technology to farmers and growers to tackle agricultural emissions with more than $400 million in continuing funding over the next four years and making targeted reforms to support farmer and grower success. 'Through the Budget, we launched the new $246 million Primary Sector Growth Fund (PSGF) to boost on-farm productivity and resilience. 'Our trade work continues at pace to open doors for Kiwi exporters, and our new Investment Boost tax incentive will encourage businesses to invest, be more competitive, grow the economy, and lift wages. 'When rural New Zealand does well, the whole country benefits,' Mr McClay says. 'That's why we're making sure our Primary Sector have the tools and support they need to deliver long-term economic growth and regional prosperity for all New Zealanders.'
Scoop
3 days ago
- Business
- Scoop
Innovative Pasture Project To Drive Farmgate Returns
Minister of Agriculture The Government is backing a $17 million partnership with farmers to boost productivity, profitability, and sustainability by identifying the most resilient, high-performing pastures for New Zealand conditions, Agriculture Minister Todd McClay announced today at Fieldays. Minister McClay confirmed the Government will invest $8.269 million in the Resilient Pastures project through Budget 2025's new Primary Sector Growth Fund (PSGF), alongside sector leaders including DairyNZ, Beef + Lamb New Zealand, Fonterra, AgResearch, and others. 'This is a smart investment that will deliver real outcomes for farmers — increasing pasture performance, extending productive lifespan, cutting re-grassing costs, and improving profitability across the board,' McClay said. 'New Zealand farmers produce high-quality, safe, and sustainable food and fibre that is in demand around the world. Projects like this help us stay at the front of the pack —making it easier to farm productively and drive farm gate profitably.' The project will focus on the upper North Island, where pasture productivity has been challenging. Research and trials will develop region-specific pasture mixes and on-farm practices that respond to changing conditions, with farmers involved every step of the way. 'This is about innovation that delivers at the farmgate. By partnering with farmers and agri-leaders, we're backing practical solutions that drive growth and reduce red tape,' McClay says. Today's announcement builds on the Government's wider support for the sector, including: Over $400 million invested to accelerate emissions-reduction tools through AgriZeroNZ and NZAGRC; New technologies for nutrients, genetics, and pasture resilience already underway through PSGF; Ongoing work to remove outdated regulations and simplify compliance. 'Our message is clear: this Government backs farmers. We're here to grow value, not bureaucracy.'
Scoop
22-05-2025
- Business
- Scoop
Budget 2025: PSGF To Driving Farm & Forest Gate Returns
Hon Todd McClay Minister of Agriculture Minister of Forestry The Government is investing $246 million in a new fund over four years through Budget 2025 to supercharge growth and productivity in New Zealand's world leading food and fibre sector, Agriculture and Forestry Minister Todd McClay announced today. The new Primary Sector Growth Fund (PSGF) replaces the former Sustainable Food and Fibre Futures Fund and will focus on practical projects that reduce costs across the food and fibre sector value chain and deliver stronger returns on investment to the farm and forest gate. The Fund will support projects that are business-led, market-driven, and commercially focused – with a clear aim of delivering strong economic outcomes and high growth potential. 'Every New Zealander depends on the success of the food and fibre sector – making up 80 per cent of our goods exports it powers our economy and puts food on our tables. Without agriculture and forestry, we would not be able to compete on the world stage,' Mr McClay says. 'That's why the Government is moving at pace to increase farmgate returns, reduce compliance costs, implement smarter and better rules, and build resilience into rural communities.' The PSGF refocuses MPI's existing investment tools to back projects that drive higher-value outcomes across the food and fibre sector value chain – supporting the Government's goal of doubling exports by value in 10 years and returning value to the farmgate. 'We'll be working with the sector to find the best projects that help drive returns, including new high-value products, and providing practical tools for farmers and growers,' Mr McClay says. 'Projects that increase productivity and support the quality demanded by global consumers will remain a priority. As a trading nation, we need to enable initiatives that lift the bottom line, improve efficiency, and give our products a competitive edge in global markets.' 'This is about partnering with the sector to unlock real growth – helping producers, processors, and exporters to scale up, innovate, and deliver more value for the New Zealand economy,' Mr McClay says.
