August 9, 2017
New Zealand seafood exports to reach US$1.5B in 2020-new report
New Zealand's seafood exports are predicted to hit a record NZ$2 billion (US$1.46 billion) annually by 2020, according to the latest situation and outlook report recently issued by the Ministry for Primary Industries.
The MPI said that export prices are expected to continue to improve due to growing demand, with rock lobsters as the most valuable seafood export, followed by mussels as a close second, and by hoki, squid, salmon and orange roughy.
According to the report, aquaculture would be the main driver of forecast volume growth (6.6% per year) through gradual supply of hatchery-bred mussel spat and planned expansion of salmon farming.
The aquaculture sector "continues to perform strongly", said Seafood New Zealand Chief Executive Tim Pankhurst, who noted that while the wild capture total has remained stable over the past five years, there has been an increase in volume in aquaculture products.
"The industry knows that fishing smarter is the way of the future," Pankhurst said. "As the report points out, the Quota Management System sees New Zealand wild fish stocks managed at, or above, levels that ensure the fisheries are sustainable".
"Adding value is the road to growth", Pankhurst added.
Seafood is New Zealand's fifth-largest export by value and represents 3.2% of total exports, according to a separate report by Business and Economic Research Ltd.