June 21, 2018
New Zealand seafood export earnings seen to increase 5.5%
New Zealand's seafood export earnings are forecast to reach $1.8 billion for the year ended June 2018, up 5.5% from the previous year, according to the "Situation and Outlook for Primary Industries" report for June 2018.
The report, prepared by the Ministry for Primary Industries, says exports are expected to further grow to $2.1 billion in June 2022, averaging 4.1% in annual increase. The forecast growth, the report says, is underpinned by an expected increase in both prices and export volumes, particularly aquaculture growth.
Aquaculture currently makes up 15% of New Zealand's total seafood export volume but generates 23% ($425 million) of the total seafood export revenue. Wild capture fisheries still are the largest component in the country's seafood exports, contributing 85% of the total seafood export volume and 76% of the total seafood export value.
Aquaculture export earnings are forecast to reach $430 million in the year ending June 2018, up 5.9% from June 2017 due to increasing volumes and prices. Aquaculture export earnings are forecast to reach nearly $600 million in 2022. This is an average annual increase of 8%, mainly driven by an expected increase in production and export volumes.
The report says that New Zealand's main aquaculture export markets include the US, Europe, Australia, China, Thailand, Japan and South Korea. The US is the dominant market and has grown significantly since 2010, but slowed down in 2018, while the European and Australian markets have remained stable in the recent years.
The three main species farmed in New Zealand are green shell mussels, which make up 71% of the total aquaculture export revenue; salmon, at 23%; and Pacific oysters, at 6%.
The total annual production is estimated at 110,000 to 120,000 tonnes in recent years. New Zealand is a relatively small aquaculture producer, with just 0.1% of total global aquaculture production.