Tegel Group, the company that processes around half of New Zealand’s poultry, saw its shares take flight today (18 August) after it announced a trade deal between the country and Australia on raw poultry.

Trade officials on both sides of the Tasman have agreed to the export of raw poultry from New Zealand to Australia. Exports had been limited to products that had been fully cooked.

“This announcement is the result of a significant body of work undertaken by Tegel with [New Zealand’s] Ministry for Primary Industries to secure changed access conditions based on New Zealand’s high standard of bio security and low disease prevalence,” Tegel said in a filing with the New Zealand Stock Exchange. ” This regulatory change opens up significant additional export opportunities for Tegel into the Australian market, although the revenue upside cannot yet be quantified. Tegel will immediately apply for new import permits and looks forward to the significantly increased business opportunities this change will present.”

Tegel did say Australia’s poultry market is worth around A$7.1bn, citing stats from IBISWorld. In Tegel’s 2015/2016 financial year, the company exported A$70m of poultry to Australia. It said: “The wider market access will allow for a significantly larger range of Tegel products to be exported into all segments of the Australian market.”

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By GlobalData