July 5, 2022

 

Sales of New Zealand red meat increased 28% in May

 

 

New Zealand's red meat sector overcame a significant drop in export volumes to achieve sales of $1.1 billion during May, a 28% increase on 2021, according to an analysis by the Meat Industry Association (MIA).

 

Beef export volumes increased 1% year-on-year but value grew by 34% to $484 million.

 

Sirma Karapeeva, chief executive of the Meat Industry Association, said that high values were helping to absorb the impact of continued market volatility and higher costs.

 

"So far this year, we have exported 6% less beef than the same period for 2021; however, the value of beef exports so far this year is $2.2 billion, which is 29% higher than the same period last year," Karapeeva said.

 

New Zealand’s beef exports to China increased by 27% year-on-year and the 20,794 tonnes was the largest monthly volume so far for 2022. The value of these exports was also up 72%, to $207 million.

 

Exports to the other major market, the United States, were down 30% compared to last May. This continues the trend of lower export volumes to the US so far this year. This can be attributed to increased domestic US production as a result of drought impacting the demand for imported beef.

 

However, prices for beef remained strong, and the value of exports to the US only dropped by 5%, to $125 million, compared to last May.

 

Beef prices in all the other major markets remained very strong, and the average FoB value increased to $10.43/kg.

 

It was also another strong month for co-products with exports worth $189 million, up 26% compared to last May.

 

- NZ Herald

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