Tridge summary
In May, Australia witnessed a peak in its agricultural exports, with lamb exports reaching a record high of 36,703 tonnes and mutton exports seeing their largest shipment since November 2019. The surge has led to a diversification in markets, particularly with significant growth in exports to Iraq. Despite the high export values achieved this year, prices for lamb have since fallen from their 2022 peaks. An industry analyst remains optimistic about the market, citing the potential for continued demand despite winter price increases and the possible shift towards lamb from other meats during the cost of living crisis. The ANZ Agri InFocus report also anticipates a decline in high slaughter rates due to winter, but expects exports to continue driving demand. It further suggests that the reduction in retail lamb prices and the growing discount compared to beef, coupled with the gradual increase in pork prices, could potentially stimulate the domestic market.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Lamb exports hit a new monthly high in May, amid recent record slaughter figures. During May, 36,703 tonnes of lamb were exported, the highest lamb export on record for a single month. According to Meat & Livestock Australia, the increase in total export volume has led to a diversification in markets, with exports to Iraq increasing fivefold to 1386 tonnes to become Australia's eighth largest lamb market in May. Meanwhile mutton exports for May reached 21,664 tonnes, the largest single month figure since November 2019 and the second highest month on record, with most of the growth coming from Middle Eastern markets. While record values have also been achieved this year, with Australian sheepmeat exports worth $462 million for the month of March according to Australian Bureau of Statistics figures, export prices for lamb are back from the heights seen in 2022. Frozen cuts of lamb with the bone in for export reached an average price of $9.13 per kilogram in June 2022, compared to an ...
Source: Farmweekly
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