First quarter red meat export data reflects weaker Chinese demand
Overall red meat exports were down by five per cent from the first quarter of 2023, the lowest value for the quarter since 2018, according to an analysis by the Meat Industry Association (MIA).
MIA chief executive Sirma Karapeeva said the weaker Chinese market was partly offset by good demand from North America and there are signs of some recovery in the United Kingdom and Japan.
However, China remains challenging, with exports down 27 per cent to $796 million. Most other top markets remained steady or increased.
Exports to the US were up by 11 per cent to $658 million, the UK by 44 per cent to $126 million, Japan by 26 per cent to $117 million, and the Netherlands steady at $114 million.
However, exports to Korea dropped 30 per cent to $46 million for the quarter, and exports to Germany dropped by 18 per cent to $62 million.
Sheepmeat export volumes were up three per cent to 119,244 tonnes, and beef by two per cent to 129,375 tonnes. However, the value of sheepmeat was down five per cent to $1.04 billion.
Beef remained unchanged at $1.08 billion. Ms Karapeeva said it is encouraging to see the positive performance of chilled products.
While the volume and value of frozen exports was down or unchanged, chilled exports of both sheepmeat and beef increased. Chilled sheepmeat exports increased 17 per cent by volume to 13,202 tonnes and 11 per cent by value to $204 million on the first quarter of last year.
This included China, with an increase of 40 per cent by volume to 107 tonnes, and 61 per cent by value to $3.4 million.
Chilled beef exports increased 26 per cent by volume to 9,112 tonnes and 28 per cent by value to $141 million.
"Although chilled sheepmeat volumes are still below pre-pandemic levels, it is encouraging to see some recovery, while chilled beef exports have largely recovered.
"The high-value chilled meat offering is largely as a result of innovation and research and development in processing and packaging, which is providing a longer product shelf life.
"While this is still a small volume compared to frozen exports, it reflects the work New Zealand processors and exporters are doing to create value add products and to meet changing market demands".
March 2024 exports
Overall, March exports were in line with the trends of the quarter. The total exports of $949 million, were down nine per cent on March 2023 and represented the lowest value for the month since 2018.
There was a 35 per cent drop in exports to China to $277 million.
The US remained steady at $233 million, the UK increased by 57 per cent to $50 million, Japan by 63 per cent to $47 million and Canada by 56 per cent to $29 million.
Sheepmeat
Sheepmeat exports dropped by three per cent by volume compared to last March to 43,702 tonnes, with value down nine per cent to $395 million.
Volumes to China were down 25 per cent to 20,008 tonnes and 42 per cent by value to $106 million.
Exports to the US increased 36 per cent by volume to 3,621 tonnes and 30 per cent by value to $67 million.
Exports to the UK also increased against the low levels seen in early 2023, up 57 per cent to 3,621 tonnes, and 48 per cent by value to $40 million.
Beef
Beef exports dropped two per cent by volume compared to last March to 45,690 tonnes and by four per cent in value to $386 million.
Exports to China fell 16 per cent by volume to 17,169 tonnes and 24 per cent by value to $124 million.
Following several months of steady growth, exports to the US dipped by four per cent to 15,763 tonnes. However, the value still increased by two per cent to $143 million.
Beef volumes to Japan increased by 118 per cent to 3,281 tonnes and 105 per cent by value to $29 million – compared to low levels last March.
Fifth quarter
Fifth quarter exports were down 18 per cent to $168 million.
The value of almost all categories dropped compared to last March. Edible offals were the exception, increasing by 12 per cent to $38 million.
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