The figures show the value of the dairy industry to the economy has nearly halved since milk prices boomed in the 2013/14 season.

In the 2015/16 season farmers produced 1.862 billion kilograms of milksolids, worth just $8 billion to the national economy, with a final payout of $3.90 kg/ms.

That is well down on the 2013/14 season, when prices rocketed to $8.40 kg/ms and 1.825 billion kilograms of milk solids were produced, worth $15.3bn.

DairyNZ chief executive Tim Mackle said not surprisingly, dairy exports earned more in 2013/14.

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