NZ Seafood Exports to Reach $2.4 Billion by 2026 Amid Rising Global Demand

The seafood industry continues to play a key role in the economic prosperity of regional communities and the broader New Zealand economy.

New Zealand’s seafood exports are forecast to achieve a record $2.2 billion in the year to June 2025, with expectations to further climb to $2.4 billion the following year, Oceans and Fisheries Minister Shane Jones announced today.

“Our seafood industry is a remarkable Kiwi success story,” said Jones. “Strong global demand, limited international supply, and competitive export pricing are driving returns for our fish farmers, fishers, and processors. The world recognizes New Zealand as a source of premium, sustainably harvested seafood, and this reputation underpins our growth.”

Key Drivers of Growth:

High Demand and Pricing: Sustained international interest in New Zealand seafood products, particularly for premium fish, shellfish, and aquaculture outputs, has bolstered exports despite economic challenges.

Sector Resilience: The seafood industry has adeptly navigated adverse weather conditions, geopolitical disruptions, and heightened production costs. The projected 3% revenue growth from the 2023-2024 fiscal year exemplifies this resilience.

Favorable Economic Conditions:

Minister Jones highlighted improving economic indicators that are expected to benefit the sector:

Easing Inflation: With inflation returning to target levels, operational cost pressures are diminishing.

Lower Debt Servicing Costs: Declining interest rates are providing relief to businesses with financial obligations.

Shipping Cost Reductions: Global freight rates have significantly decreased, improving profitability for exporters.

Government Initiatives Supporting Growth:

The Coalition Government has launched several measures to support the seafood sector, including:

Extending Marine Farm Permits: Coastal permits for marine farms now enjoy an additional 20-year term, providing long-term security for aquaculture operations.

Reducing Costs: Fishing levies have been cut to ease financial pressures on operators.

Fisheries Sector Reforms: Regulatory barriers have been addressed, including the removal of caps on foreign fishing crew numbers.

Innovative Solutions: The introduction of tools to manage kina barrens ensures sustainable marine ecosystems.

Aquaculture Strategy: Aiming to triple aquaculture revenue to $3 billion by 2035, this strategy is already yielding tangible progress.

The Path Ahead:

Minister Jones reiterated the Government’s commitment to fostering the success of the seafood sector. “I am grateful for the hard work of our fishers, aquaculture experts, and processors. By reducing regulatory hurdles and offering targeted support, we are securing the long-term growth of this vital industry,” he said.

The seafood industry continues to play a key role in the economic prosperity of regional communities and the broader New Zealand economy. These export projections are part of the latest analysis in the Ministry for Primary Industries’ Situation and Outlook for Primary Industries (SOPI) report, available on their website.