New Zealand's Fonterra has reported a 10% YoY drop in domestic production during April, as dry weather dogged the dairy cooperative. The figure followed a 10% decline in Australian output in March, alongside a 3% slide in exports. In contrast, March shipments from New Zealand rose 27% YoY, thanks to strong demand from key Asian markets. "The global economy is still struggling and we are seeing some of our biggest trading partners struggle with their balance sheets," said ANZ economist David Knox.
New Zealand's Fonterra has reported a 10% YoY drop in domestic production during April, as dry weather dogged the dairy cooperative. The figure followed a 10% decline in Australian output in March, alongside a 3% slide in exports. In contrast, March shipments from New Zealand rose 27% YoY, thanks to strong demand from key Asian markets. In early May, Fonterra trimmed its annual earnings outlook and announced the closure of a more than 100-year old Australian site, due to dry weather.