September 12, 2022

New Zealand's red meat sales increased 26% last July

New Zealand's red meat sector achieved sales of $1.1 billion during July, a 26% increase on July 2021, according to an analysis by the Meat Industry Association (MIA).

China remained the standout market with red meat exports worth $460 million, up 42% on last July. Other major markets were Japan at $58 million, up 36%, the Netherlands at $38 million, up 132%, and the United Kingdom at $38 million, up 97%. Exports to the United States dropped by 22% to $191 million.

Strong red meat prices in global markets continued to help absorb the impact of continued market volatility and higher costs, MIA chief executive Sirma Karapeeva said.

Overall, beef exports fell 9% year on year to 44,744 tonnes but were still high for this time of the year as July 2021 was a record month.

Beef export volumes to the US dropped 50% to 9,092 tonnes, in the face of high levels of US beef production resulting from ongoing drought and higher feed and other input costs.

The value of beef exports for the month saw an increase of 17% from last July to reach $485 million.

The value of beef exports to China increased by 66% to $251 million, although the value of beef exports to the US dropped by 39% to $95 million.

Chinese demand for beef continued to be strong, with the volume of exports up 20% from last July to 23,690 tonnes.

Beef export volumes and values also increased to Japan, with 3,241 tonnes, up 37%, worth $36 million, and to South Korea up 21% to 2,223 tonnes, worth $21 million.

- NZ Herald