New Zealand: Lamb exports feel the chill of global inflation

Changing consumer demand and the lower cost of producing frozen meat means just 6000t of chilled lamb was exported during October and November. In the past two years 9000t of chilled lamb was exported over that same period, and five years ago the volume was close to 12,000t. The volume of chilled exports last November as a percentage of all lamb exports actually halved from 20% to 10%. “Total November export volumes were the lowest in six years despite heavier slaughter rates through this period,” said AgriHQ senior analyst Mel Croad. She said returns for frozen meat have started to fall but ongoing shipping disruption and the higher cost of processing chilled product means a heightened risk for exporters. “Frozen prices have fallen back to May 2021 levels but they come with less risk while consumers are steering clear of high-end product due to global inflationary pressure.” A sharp $2.05/kg decline in the average export values between last October and November reflects the speed ...