USDA revises New Zealand beef exports down for 2024

Published 2024년 11월 11일

Tridge summary

The USDA Foreign Agricultural Service in New Zealand has lowered its 2024 beef and veal export forecast to 690,000 MT CWE, the largest annual export volume to date but below expectations due to lower beef production and decreased demand from China. However, growth in the United States, Japan, Canada, and ASEAN countries has offset some of this loss. The US and New Zealand also have a trade quota of 213,402 MT CWE on meat exports to the US, which is on track to be reached much sooner than in previous years.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The USDA Foreign Agricultural Service post in New Zealand has revised down its forecast for beef and veal exports in 2024 MY from the USDA Official to 690,000 MT CWE, according to a recent US Department of Agriculture (USDA) Global Agricultural Information Network (GAIN) report. This still represents the largest volume of beef and veal exported in a single year for New Zealand. The revised forecast is due to the slightly lower than anticipated beef production in the first half of the MY. In addition, exports in May and June being less than anticipated, primarily due to a decrease in demand from China for New Zealand beef. In the first seven months of the 2024 MY, export volumes to China are down 26% year-on-year (less 42,946 MT CWE). This has had a substantial impact, as China, in 2023, was the largest customer by volume (37% of total volume). Feedback from the industry is that this reduction is a result of economic challenges resulting in Chinese markets sourcing cheaper beef and ...

Source: The Cattle Site