New figures portray a meat industry stumbling because of China’s faltering economy.
The figures come from the Meat Industry Association (MIA), and show overall red meat exports down 5% for the first quarter of 2024, compared with the same period a year ago.
The total value for the quarter was $2.58 billion, the lowest since 2018.
A large fall in sales to China of 27% was shared by a fall of 30% for South Korea, and this more than cancelled out gains in other markets, most notably North America, according to the MIA chief executive Sirma Karapeeva.
Exports to the US were up by 11 %, to the UK, 44% and Japan 26%.
Karapeeva points out that lower prices took their toll. For example, sheepmeat export volumes were up 3%, but because prices were lower, actual value fell 5%. The effect was less severe with beef, where volumes rose 2% while value stayed steady.
She adds there was a silver lining to all this, with chilled exports of both beef and sheepmeat rising in both volume and value, in contrast with frozen product.
“Although chilled sheepmeat volumes are still below pre-pandemic levels, it is encouraging to see some recovery, while chilled beef exports have largely recovered,” Karapeeva says.
“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.”
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