(MENAFN) A slump in global dairy prices could threaten the pace of New Zealand's economic recovery, as farmers at the center of the country's pillar industry strive to pay down debt on diminishing incomes, commentators warned Wednesday, Xinhua reported.
Prices on the Global Dairy Trade platform run by New Zealand's Fonterra with eight international dairy companies, dropped over Tuesday night to their lowest level since December 2012 as global supply overtook demand.
New Zealand's Federated Farmers said the drop reflected "the most perfect global production season in many years," with output in Europe and the Americas being particularly high.
"The fall in Global Dairy Trade (GDT) reflects supply and demand. With good weather, high milk prices and grain availability, global dairy production has ramped up," Federated Farmers dairy chair Andrew Hoggard said in a statement Wednesday.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.