New Zealand's red meat sector exports to Italy increased by 244% in October, compared with 2021, with demand for sheepmeat and beef hides soaring, according to an analysis by the Meat Industry Association (MIA). Overall, red meat exports for the month were worth USD 737 million, a 6% increase in October last year. China was again the largest market, at USD 290m, followed by the US (USD 134m), Japan (USD 32m) and then Italy (USD 26m). Exports to Canada were also up 82% in last October by value, to USD22m. MIA Chief Executive Sirma Karapeeva said that October had been a steady month for exports, with Italy the stand-out change from 2021. “Italy is an important market for beef hides, which are used for the manufacture of luxury goods. The value of these exports increased from USD 5.6m last October to USD 19.5m this October and this was the highest monthly value for more than four years. “Sheepmeat exports to Italy were also worth USD 4.3m, compared to virtually no exports last October . This shows the importance and value of having a diverse export market strategy.” A total of 22,970 tonnes of sheepmeat, worth USD 289m, was exported globally. This was a drop of six per cent by volume and value on 2021 but still in line with the previous October months. The volume of beef exports was unchanged from last October, at 27,505 tonnes, but the value increased by 19 per cent to USD 273m, mainly driven by China. “We are closely monitoring the situation in China as there has been a noticeable recent weakening in the retail and food service sectors there. China is an important market for New Zealand's red meat sector and the softening in demand is certainly affecting pricing.”There were increases in the value of the two main fifth quarter (co-product) categories, with hides and skins up 37% to USD 36m and casings and tripe up 38% to USD30m. Overall, fifth quarter exports were worth USD 175m, a 12% increase in last October.
Thursday, 01 December 2022 06:59
Red Meat Sector Exports To Italy Increase By 244% In October
