China's demand for red meat remains soft

Published Aug 6, 2024

Tridge summary

New Zealand's red meat exports in June 2023 saw a 2% increase from the previous year, totaling $914 million, with the United States being the largest market. Despite a decrease in exports to China, the country expects some recovery by 2025. Other significant markets include Japan, the UK, and Canada, which have shown positive returns. The second quarter and the year ending in June saw mixed results in red meat export values, with China's value decreasing by 44%, while values to most other major markets increased. Overall exports for the year were down 7% from the previous year, with China remaining the largest market but accounting for a smaller percentage of total exports.

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

Original content

New Zealand exported red meat worth $914 million during the month, a two per cent increase on June 2023. The US was again the largest market, with exports up 14 per cent to $303m. There were also increases to Japan, up 53 per cent to $61m, the UK up 66 per cent to $53m, and Canada up 94 per cent to $51m. China was the second largest market but fell 38 per cent to $176m. MIA chief executive Sirma Karapeeva said that while the China market remains soft, with some recovery expected in 2025, other key markets were seeing positive returns. "The US was the most valuable sheepmeat market for the month. This was the first time since July 2017 that China hasn’t been the largest market by value for sheepmeat. "Beef exports to China were also down but overall exports remained steady due to strong demand from the US, Japan and Canada. "These trends were also reflected in the data for the second quarter and for the year to the end of June with the value of exports down for China but increasing ...

Source: EuroMeat