Red meat exports slump, thanks to China
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
BNZ senior economist Craig Ebert says he doubts the crisis on the Chinese sharemarket will trigger a wholesale collapse of the Chinese economy.
But he says there could problems if the present situation continues long term. Ebert says the Chinese sharemarket rose quickly earlier in the year and has now fallen back to what it was.
"In many ways it's a healthy correction, but we are watching to see if it has any ramifications and any effect on the wider Asian region. We have noticed that it's starting to affect some of the other Asian equity markets, dragging them down and knocking confidence. But it is still a moot point as to how economically important this is," he told Rural News.
Ebert says the boom on the Chinese sharemarket was caused by officials promoting it, prompting a "collective rush to the door" and people going crazy and investing on the market.
Some of the rules for trading on the Chinese sharemarket are immature by western standards, he says.
Ebert doubts whether this crisis will cause the wheels to fall off the Chinese economy. But he says with China being NZ's major market the turmoil in the market is clearly not good news.
'A lot of interest and positive responses' appears to be the way farmers are viewing the Government's initiative to hold a series of woolshed meetings around the country.
A Southland farming leader wants the regional council to delay a proposed regional rates hike, much of which is intended to fund flood protection works.
Rural Women New Zealand (RWNZ) says access to personal banking services in rural communities is fundamental to promoting outcomes that benefit Kiwi consumers.
A group set up to boost education and promotion of wool says it has made positive strides during the first year of its three-year strategy.
Meat processor ANZCO Foods says despite a challenging business environment, it has posted a net profit before tax of $61 million for 2023.
Horticulture NZ chief executive Nadine Tunley will step down in August.