New Zealand export meat prices fall back from recent highs
Export prices for meat, including lamb and beef, fell in the March 2020 quarter, from record levels at the end of 2019, New Zealand's statistics department Stats NZ said on Tuesday, Trend reports citing Xinhua.
"The fall in export prices coincided with the COVID-19 outbreak, which was declared a global pandemic in March 2020," business prices delivery manager Geoff Wong said in a statement.
"The COVID-19 outbreak affected demand in export markets and disrupted supply chains, such as sea and air freight," he said.
Export lamb and beef prices fell in the March 2020 quarter, down 10 percent and 5.8 percent respectively, retreating from record high levels experienced towards the end of 2019. Volumes and values for lamb and beef also fell in the quarter, statistics showed.
"This is consistent with a fall in domestic retail prices of some meat products, such as lamb chops, in March," Wong said.
Before the latest drop, the export prices of both lamb and beef had generally been rising over recent years, on the back of strong international demand, Wong said, adding despite the drop this quarter, lamb and beef prices remain relatively high.
In the March 2020 quarter, New Zealand exported more beef products to the United States than the Chinese market, which was affected by COVID-19 earlier in the quarter, he said.