June 18, 2012

New Zealand's beef on decline by 3%

Due to the slow progress of New Zealand's cow processing season, the country's beef exports have declined by 3% on-year during May, to 43,079 tonnes.

Shipments to the US increased by 3% on May 2011, to 23,993 tonnes, which led to a 3% increase in the US market share of New Zealand's beef exports, at 56%. While US retail demand is expected to soften in the coming months as the seasonal peak of the US Memorial Day has passed, demand for prime cattle should pick up following the cow cull.

Exports to Japan (3,898 tonnes) and South East Asia (3,204 tonnes) increased 13% and 17% respectively, on-year, during May, however these gains were offset by declines in shipments to Korea (down 17%, to 2,889 tonnes), the EU (down 10%, to 1,567 tonnes) and Canada (down 63%, to 1,260 tonnes).