New Zealand: 2023 red meat export figures a barometer of the global economy

Lamb

Published Feb 7, 2024

Tridge summary

New Zealand's red meat sector experienced a decline in export value by 11% to $10.2 billion in 2023, despite an increase in export volumes, due to tough economic conditions and increased supply from other exporters. China remained the largest market, but exports fell 16% to $3.6 billion, while exports to the United States rose 8% to $2.5 billion. Sheepmeat and beef exports volumes rose, but their values fell. The UK market showed significant improvement due to the NZ-UK FTA, with an 83% increase in volume exports and a 93% increase in value. However, overall exports for red meat in December 2023 were only slightly up from the same period in 2022.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

7 February 2024 2023 red meat export figures a barometer of the global economy New Zealand’s red meat sector exported products worth $10.2 billion in 2023, a drop in value of 11 percent compared to the previous year. The analysis by the Meat Industry Association (MIA) shows that while export volumes increased, the value fell from the record figures for both sheepmeat and beef in 2022. “Red meat exports are a good barometer of the state of the global economy,” says Sirma Karapeeva, chief executive of the MIA. “The drop was mainly due to tough economic conditions and inflationary pressures in many of our key markets. Consumers around the world still want to buy red meat but they are not paying as much for it. “Increased supply from other exporters, including a significant increase in Australian sheepmeat exports, also had an impact. The top five markets were unchanged from 2022 but the value of New Zealand exports was mostly down, reflecting the overall trend.” China remained ...

Source: Mia