Value of NZ beef exports continues to be strong

 At $10,270 per tonne, the average export value for New Zealand beef continues to be strong and in July was 31% higher than at the same point last season.

Sliced tenderloin Steak Roast beef on wooden cutting board on dark background

 Beef + Lamb New Zealand Economic Service’s recently released Lamb & Beef Export Report for July, found that COVID-19- related disruptions continue to impact on beef export volumes which were 12% lower than at the same time last year, although they were still 6% higher than the five-year average.

Compared to July 2021, exports to China were 18% higher and the average value was 35% higher. China accounted for 49% of NZ’s total beef exports while the US accounted for 21% of beef exports. This was 16 percentage points lower than a year earlier and reflects the on-going impact of supply-chain disruptions on demand and the liquation of the US cow herd, particularly in drought affected states.

Beef exports to Japan and Korea continue to be strong this season, up 15% and 34% compared to last season, respectively. These countries accounted for 7% and 5% of total exports respectively and the average value of these exports were 16% and 36% higher than a year earlier.

 The volume of chilled beef exported from NZ was back 3% on the same time last year and accounted for 7% of total month volumes, about the same as in 2021.

  Comparing the first 10 months of the 2021-2022 season with the same period in 2020-21, the volume of beef exported from NZ was 6% lower and the average value of beef was 31% higher.

The volume of beef exported to China was up by 6% and the average value was 33% higher. China accounted for 43% of total exports compared to 38% the previous season.

The volume of beef exported to the US was back 23% and the average value was 32% higher. The US accounted for 29% of total beef exports, back from 35% in the 2020-21 season.

 One of the biggest changes was in export volumes to Korea which were up by 34% in 2021-2022, accounting for 5% of total exports.

  The volume of beef exported to Japan was up by 15%, accounting for 8% of total exports, up from 6% in the 202-21 season.