WELLINGTON, Dec. 12 (Xinhua) -- New Zealand's seafood exports are set to hit a record 2.2 billion NZ dollars in the year to June 2025, and increase to 2.4 billion NZ dollars the following year, Oceans and Fisheries Minister Shane Jones said on Thursday.
The future outlook for New Zealand seafood exports is strong, Jones said, adding the sector's hard work, healthy demand, tight global supply and high export prices are boosting exports and driving returns to the country's fish farmers, fishers, and processors.
The seafood sector has tackled a range of challenges, including weather and geopolitical issues, which have driven up production costs, Jones said, adding lower interest rates due to eased inflation have reduced debt servicing costs, and global shipping costs have also eased.
The government has extended the terms for existing marine farm coastal permits by 20 years, cut fishing levies, created an aquaculture strategy aiming to triple sales revenue to 3 billion NZ dollars by 2035, and reformed the fisheries sector, the minister said.
The government is also removing the annual cap on foreign fishing crew numbers, he said. (1 NZ dollar equals 0.58 U.S. dollar) ■
