New Zealand

NZ reports fall in meat prices for Q1

Sheep and beef farmers have seen prices going down by 11%.

Posted on May 19 ,12:38

NZ reports fall in meat prices for Q1

Prices paid for meat in New Zealand in the first three months of 2020 were 11.5% down compared to the levels reached in 2019. Drought and China's lockdown have created an oversupply in the market and farmers were the most affected, according to New Zealand's statistics department Stats NZ.
Sheep and beef farmers received 11.5% less for their products in the first quarter of the year. In turn, prices paid to meat manufacturers were down 4.4%. "The sharp fall in prices for sheep and beef farming in the first three months of 2020 coincided with dry conditions in many parts of New Zealand, with sheep and beef prices falling. We also saw some supermarket meat prices fall in March, with lower prices for lamb chops, beef sausages, and beef mince," stated business prices acting manager Geoffrey Wong.
During the first quarter of 2020, New Zealand beef exports grew, while sheepmeat exports declined.
In total, sheepmeat exports dropped 6,500 tonnes on-the-year, to 134,900 tonnes, according to Statistics New Zealand. The entire decline was driven by a drop in shipments to China (-17,200 tonnes). Exports to other markets partially offset this. Shipments to the UK increased 1,400 tonnes from the historic low of last year, to 16,300 tonnes. Exports to traditionally smaller markets were where the larger volumes were recorded. Malaysia recorded a 4,200-tonne increase, with Saudi Arabia, Taiwan and Jordan all also recording significant rises. Industry reports suggest exports to Europe (including UK) were low during April.
Beef exports increased 5,500 tonnes year-on-year in quarter one, to 129,400 tonnes. Shipments to the US bounced back from the low level of last year (+7,100 tonnes) to total 52,300 tonnes. In a similar trend to sheep meat, exports to China dropped by 11,200 tonnes, to 39,500 tonnes. Japan, Taiwan, South Korea, Canada and Indonesia all recorded growth of between one and two thousand tonnes each, according to an AHDB analysis.

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