December 4, 2019
New Zealand dairy and ruminant export prices at all-time high
Stats NZ said prices for beef, lamb and dairy reached record highs in the September 2019 quarter, reported Sun Media New Zealand.
Bryan Downes, business price manager said export prices increased 1.9% in total in the September 2019 quarter, the highest in 10 years, though import prices remained flat.
Terms of trade remained high, near to levels in late 2017. Terms of trade is how purchasing power of New Zealand's exports are measured, an indication of the country's overall economy.
Downes added beef prices recorded a 5.4% increase, with lamb prices rising 6%, matching international demand for ruminants caused by the African swine fever outbreak affecting Asia, especially China.
He said prices for pork products such as bacon and ham have increased by more than 20% for the year to October 2019.
Seasonally-adjusted beef export volumes went up 2.9% with 7.4% rise in values, while lamb volumes dropped 0.7% with 7.9% increase in values.
Overall New Zealand dairy product prices increased 8.9% in the September 2019 quarter. Cheese was up 6.2%, butter saw a 7.3% increase, and milk powder rose 9.6%.
- Sun Media New Zealand