Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ red meat exports top $6.7 billion in 2017-18

Latest export figures from Beef + Lamb New Zealand (B+LNZ) show New Zealand’s red meat exports (excluding veal and co-products) were up $1.2 billion (21 per cent) on 2016-17 to over $6.7 billion in 2017-18 on the back of sustained high value per tonne and increased volume for lamb, mutton, and beef.

“While the highlights of the season were record high average values per tonne for lamb and mutton, the average value of beef exports remained high since the marked increase in 2014-15,” says B+LNZ’s Chief Economist Andrew Burtt.

“Good farm-gate prices and strong average values per tonne for exports occurred throughout the season, even during the fast start to the processing season driven by the dry conditions in December 2017.”

Total lamb exports were over $3.1 billion, up 25 per cent on 2016-17 and 28 per cent higher than the five-year average, with the average value of lamb exports staying over $10,000 per tonne for the entire season. While these levels were reached on occasion in 2010-11 and 2011-12, it was not sustained across the entire season.

Total mutton exports benefitted from limited international supply and strong demand to reach $618 million, up 46 per cent on 2016-17.

Increasing demand for sheepmeat from China, particularly mutton, and tight supply from Australia and New Zealand, increased competition for New Zealand’s sheepmeat. Limited international availability of mutton drove improved value for sub-primal cuts of lamb, which began in mid-2016-17, and lifted the overall average value of lamb exports.

In comparison with lamb and mutton, increases in the volume and value of beef exports this season may seem subdued, but total beef exports exceeded $3 billion, up 14 per cent on 2016-17 and up 17 per cent on the five-year average.

The average value of beef exports has remained steady and strong since the 2014-15 season, driven by demand from the United States for lean manufacturing beef.

However, in 2017-18 China overtook the United States as New Zealand’s largest red meat export market by value and volume. China accounted for one-third of New Zealand’s red meat exports as the trend of an increasing share of New Zealand’s beef exports continued, combined with lifts in the share of lamb and mutton exported.

The United States remains New Zealand’s largest beef export market, but the total share of beef decreased two percentage points to 47 per cent.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>

ALSO:

New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>

ALSO:

Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>

ALSO:

"Levels Playing Field": Government Responds To Electricity Price Review

The changes announced today include: • Supporting new and independent retailers by requiring the big power companies to sell into the wholesale market at affordable rates. • Extending discount rates to all customers • A pilot scheme to help customers who have not switched power providers before to shop around for better deals... More>>

ALSO: