New Zealand red meat exports are performing on growing demand from China
Primary industries in New Zealand are expected to see a boom in exports of 6.9% in this fiscal year reaching revenues of $45.6billion, according to an AHDB forecast. This will be also reflected in red meat exports, even if the country is confronted with a drop in lamb production as a result of decreasing breeding ewe numbers but this will be tempered by positive lambing percentages and above average slaughter weights, according to the analysis.
"Red meat prices continued to outstrip expectations, with average lamb export prices on track to exceed last year’s record prices by 5%.
Import demand from China continues to strengthen, even as some indicators show weakness in China’s economy and the tariff dispute with the US continues to hang over international trade flows. High export prices for beef and veal should be supported by strong Chinese demand and constrained global supply with export revenues forecast to increase by 4.1% for the year ending June 2019.
Despite concerns around declining UK consumer confidence since the Brexit referendum in 2016, New Zealand’s beef exports to the UK have remained relatively consistent", says Jannie Tanner, AHDB analyst.
Also, signing the CPTPP agreement can deliver leverage for New Zealand beef over the US products in the Japanese market, with tariff rates dropping this year from 38.5% to 27.5%. The trade agreement has the potential to deliver an estimated $222 million of tariff savings annually to exporters and open up new export destinations.
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