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China's milk stockpile leaves NZ farmers struggling
Their woes pose a risk to economic growth, as dairy sector represents about 25% of exports
Add BT as a preferred sourcePublished Tue, Mar 29, 2016 · 09:50 PM
Wellington
CHINA once helped drive global dairy demand but its stockpiling of powdered milk sent prices plunging and has left farmers in the world's top milk exporter, New Zealand, struggling to stay afloat and its agriculture-dependent economy facing risks.
New Zealand's dairy sector was until recently the backbone of the economy, representing around 25 per cent of exports, but in the past two years farmers have had NZ$7 billion (S$6.4 billion) wiped off their collective revenue.
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