Zespri revises forecast returns

New Zealand kiwifruit marketer Zespri is forecasting an NZ$19 million (£7m) drop in returns from this year's kiwifruit exports.

The strength of the New Zealand currency as well as an increase in offshore fruit loss are mainly to blame for the slide since it delivered its last forecast in August. This now reduces the predicted payment for green kiwifruit to NZ$6.21 a tray, $1.20 below last season's final return.

The forecast payment for Gold is down 69 cents to NZ$8.73 a tray.

Despite attempts to hedge against exchange rate fluctuations, according to Zespri the NZ dollar has eroded a further $8 million from returns since the August forecast.