Meat exports reflect the state of the global economy

Frozen Bone-In Beef

New Zealand

United Kingdom

Published Mar 21, 2024

Tridge summary

In 2023, New Zealand's meat exports experienced a rise in volume but a drop in value by 11% due to challenging economic conditions and inflation in key markets. The value of exports to China, its primary market, fell by 16%, while those to the US grew by 8%. Meanwhile, Australia's beef exports hit a record high, shipping 1.18 million tonnes valued at $7.6 billion. US beef exports saw a decline of 12-13%, but the US Meat Export Federation anticipates growth in 2024. Additionally, Brazil increased its beef exports to Canada following approval from the Canadian Food Inspection Agency.

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

New Zealand meat exports in 2023 reflect global economic conditions, the Meat Industry Association reported, the New Zealand Herald newspaper revealed. Although export volumes increased, the value decreased by 11% compared to the previous year, reaching 10.2 billion New Zealand dollars (about $6.3 billion). This decline is primarily attributed to difficult economic conditions and inflationary pressures in many key markets. Meat Industry Association CEO Sirma Karapeeva said red meat exports are “a good barometer of the state of the global economy.” Although global demand for red meat remains strong, consumers are not willing to pay the same prices as before. The report highlights that the value of New Zealand meat exports to China, the main market, decreased by 16%. In contrast, exports to the United States increased by 8%, mainly due to higher demand for beef. Despite the economic challenges, New Zealand's diversified red meat export strategy has helped mitigate the impact of ...

Source: Agromeat