RBNZ’s Orr: Dairy exports supportive for NZ economy, helping offset tourism losses

Dhwani Mehta FXStreet

Strong dairy exports remain supportive for the NZ economy, the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said in an interview with the NZ Stuff, adding that they act as a buffer to offset the impact of the tourism downturn.

Additional quotes

“Strong global demand for New Zealand primary products is ensuring the economy remains resilient during the Covid-19 pandemic and is helping offset tourism losses.”

“Fonterra’s forecast was “very good news” and was included in the bank’s projections.”

Last week, Fonterra announced a record opening milk price for its 10,000 farmer suppliers this season which could contribute more than $12 billion to the economy, underpinned by an improving global economy and strong demand, the NZ daily reported.

Market reaction

The above comments have little to no impact on the kiwi dollar, as NZD/USD posts small gains around 0.7260, at the press time.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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