New Zealand's farmers face pricing pressure due to high Australia's lamb supply

Kiwi sheep producers are facing additional price pressure heading into 2024 even as exports grow, thanks to the Australian sheep oversupply. According to Beef and Lamb New Zealand's new season outlook released in October, lamb and mutton exports are looking more positive for 2023-24 with lamb export receipts forecast at $3.52 billion FOB, up 4.8 per cent on 2022-23. But while prices are expected to improve, it is still expected to be a challenging year for the Kiwi sector. Beef + Lamb New Zealand CEO Sam McIvor said the current Australian lamb glut was undeniably placing pressure on New Zealand's lamb and mutton exports. "Mutton and lamb prices are currently 45 per cent and 15pc below the five-year average respectively, significantly impacting New Zealand farmers' profits, which are forecasted to average more than 60pc lower than two years ago," he said. "New Zealand's products are in some cases quite different to Australia's, nonetheless the volume of product in the market as ...