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NZ forecasts rising export prices to boost seafood industry,

NZ forecasts rising export prices to boost seafood industry,

WELLINGTON: Rising export prices for New Zealand’s wild capture fisheries paint a positive picture for the country’s seafood industry, according to a report by the country’s Ministry for Primary Industries (MPI).

“The report confirmed that export prices for wild capture fisheries such as hoki, jack mackerel, and barracouta are expected to continue to grow, driven by increased overseas demand and sustainability constraints on volume,” said Tim Pankhurst, CEO of Seafood New Zealand, of the latest situation and outlook.

“The report was also confident around aquaculture and forecast that expanding aquaculture production will drive increased export volumes of mussels, oysters, and salmon,” said Pankhurst.

MPI predicts a 4.4% increase in seafood exports to NZD 1.8 billion to June 2018, and said that will rise to NZD 2.3bn by 2025.

Pankhurst said the report mirrored a recent Business and Economic Research Limited (BERL) report, which outlined the economic contribution of commercial fishing to the New Zealand economy.  BERL found the fishing industry had a total output value of NZD 4.1bn to New Zealand and while aquaculture was not included in the BERL report, we know it adds at least another NZD 500 million,” he said.