New Zealand mutton and beef industry will have a prosperous 02 / 03 season

Lead: Wellington, July 10 (Reuters) - New Zealand's beef and mutton industry will continue to generate higher profits in the upcoming 02 / 03 season, according to a report on Wednesday Taking a farm as an example, its pre tax profit is estimated to be NZ $113400 in the past 01 / 02 production quarter, the highest in 28 years, while in the next production quarter ending in June 2003, its pre tax profit is estimated to be NZ $97900 Although the forecast is 14% lower than the previous year, it is still a fairly high figure - the average profit in the late 1980s and 1990s was only between NZ $30000 and NZ $35000 In 2001 / 02, New Zealand's mutton and beef export revenue was estimated at NZ $5.81 billion, compared with 5.96 billion in 2001 and 5.83 billion in 1999 / 00 Beef and mutton exports accounted for 18% of New Zealand's total exports in 2001 / 02 Due to the suitable climate, the livestock stock in New Zealand is kept at a good level It is estimated that the number of live sheep on hand will be 35.7 million at the beginning of next year, and the slaughter volume of exported mutton will be 24.5 million, down 1% and 0.7% respectively compared with the previous year Mutton prices are expected to decline by S $8 to S $64.5, close to the price for the year 00 / 01 Beef prices have been hit by a huge rise in the NZD against the US dollar If the New Zealand dollar exchange rate against the US dollar rises from the current assumed 50 cents to about 56 cents next year, the situation of the New Zealand beef and mutton industry will become very difficult.