New Zealand’s primary sector export returns are up about $5 billion in the past 12 months and $11.6 billion over two years. BNZ senior economist Doug Steel’s latest Rural Wrap, titled Buoyant but at Risk, has primary exports nudging $57 billion, up from $10 billion in 1990.

He says El Niño is the biggest threat this season, comparing conditions to 1982-83.

“That risk really needs to be taken seriously,” he says.

Beef exports to the UK have nearly tripled in a year under the free trade agreement, though he flags tariffs and interest rates as risks.

Read the full report here.

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