March 11, 2024

New Zealand's red-meat exports hit five-year low amid global market volatility

Global market turbulence has led to a decline in New Zealand's red-meat exports for January, marking a five-year low with a drop of 8% compared to the same period last year, totalling NZD 759 million (US$469 million), Radio New Zealand reported.

According to the Meat Industry Association (MIA), this January's export figures represent the lowest result since 2019. While the overall volume of meat exports remained stable, the value of sheep meat exports decreased by 9% and beef exports by 6%.

Sirma Karapeeva, chief executive of the MIA, attributed the decline primarily to reduced demand from China, where exports witnessed a 21% year-on-year decrease.

Karapeeva noted positive trends in exports to other regions. Exports to the US increased by 10% to NZD 182 million (US$112 million), while exports to the UK surged by 34% to NZD 38 million (US$23 million).

Karapeeva also highlighted a notable increase in the volume of chilled sheep meat exports, rising by 48% overall to 4,311 tonnes. She said this reflects a recovery from low levels of chilled exports in the last two January periods, and it is positive given the logistics disruptions of recent months.

-      Radio New Zealand