New Zealand's red meat export prices increase in August 2024
Published Oct 16, 2024
Tridge summary
In August 2024, New Zealand experienced a decline in its red meat exports compared to the same month in the previous year, although the first eight months of 2024 showed similar export levels as the same period in 2023. The US emerged as the country's largest red meat export market, with a 7% increase to $198 million, contributing to the overall rise in average red meat export prices. This increase was particularly notable in lamb and beef prices. Despite this, there were significant fluctuations in exports to various countries, with decreases in exports to China, Canada, and Japan, balanced by a substantial increase in exports to Singapore. The volume of lamb and beef exports also saw decreases in August 2024, while there was a notable rise in exports of animal fats, primarily for use in biofuel production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
New Zealand's red meat exports in August 2024 decreased compared to August 2023, but total exports for the first eight months of 2024 were similar to the same period last year. The US was New Zealand's largest red meat export market in August 2024, with an increase of 7% compared to August 2023 to $198 million. Average red meat export prices in August 2024 increased compared to August 2023, with lamb prices increasing by 8% to $10.12/kg FOB and beef increasing by 14% to $9.32/kg. Mr. Sirma Karapeeva - CEO of the New Zealand Meat Industry Association (MIA) said that the increase in lamb export turnover was mainly due to increased export prices to New Zealand's main markets, while exports to the EU market also increased by 2.1%. This demonstrates the importance of a diversified export market development strategy. On the other hand, beef exports increased, mainly due to a 25% increase in beef export prices to the largest market, the US, to USD 10.67/kg. Overall, the volume of lamb ...
Source: Vinanet
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