China remains the largest export market for red meat, but the Meat Industry Association (MIA) reported a significant drop in beef and lamb exports to China in July. Lamb exports to China declined by 31% in volume and 45% in value, while beef exports dropped 29% in volume and 48% in value compared to July 2022. MIA attributes this decline to high levels of exports in July last year and the pressure on New Zealand's lamb markets caused by declining sheep numbers and increasing beef and dairy cattle numbers.