News

New Zealand: October red meat sales are 14% down on the year before

Meat
New Zealand
Market & Price Trends
Published Dec 6, 2023

Tridge summary

The value of global red meat markets has decreased by 14% in October compared to the previous year, with exports to China experiencing a significant decline of 31%. Sheepmeat export volumes increased by 17%, but the value fell by 6%, mainly due to a 20% drop in values in China. Increased competition from Brazilian beef and Australian lamb, coupled with weak consumer demand, were contributing factors to the decline in the global red meat markets.
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

The weakness of global red meat markets has been graphically illustrated by the 14% decline in the value of October sales compared to a year earlier. Data released by the Meat Industry Association (MIA) shows New Zealand exported $605 million worth of meat in October, back 14% overall – and led by a staggering 31% drop in exports to China, worth $191m. Farmgate prices for sheepmeat are well back on last year, reflecting the weak global demand that is evident in the October data. While sheepmeat export volumes in the month grew 17% to 26,170 tonnes compared to a year earlier, the value fell 6% to $264m. The largest drop was in China, where values fell 20% to $97m helped by a 37% increase in sheepmeat sales from Australia. Beef volumes were similar to last year but the value fell 13% to $228m. Exports to the United States rose 22% to $61m and by 65% to Canada at $15m, but this was not sufficient to offset returns from exports to China, Japan and Korea. Fifth-quarter sales fell 28% ...
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