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, Stats NZ said today.

“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.

“The COVID-19 outbreak affected demand in export markets and disrupted supply chains, such as sea and air freight.”

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.

“This is consistent with a fall in domestic retail prices of some meat products, such as lamb chops, in March,” Mr Wong said. See Food price index: April 2020.

Total meatLambBeef
Jun-02100010001000
Sep-02978991944
Dec-029461010857
Mar-03887951813
Jun-03889989774
Sep-03855943752
Dec-03889938830
Mar-04861934779
Jun-049501004890
Sep-04937969895
Dec-04919990832
Mar-059391066816
Jun-059271032805
Sep-059541030868
Dec-05868948813
Mar-06885934846
Jun-069581005908
Sep-069731017927
Dec-06914961876
Mar-07884892869
Jun-07863887820
Sep-07877908825
Dec-07900974799
Mar-08898943793
Jun-08972991891
Sep-08108310881038
Dec-08113712311016
Mar-0911431266972
Jun-0910631217873
Sep-0910281153848
Dec-099431085727
Mar-109761074814
Jun-1010191067914
Sep-1010241071903
Dec-1010761185895
Mar-11118313001002
Jun-11121713841010
Sep-1111591339921
Dec-1111971405959
Mar-1211541318955
Jun-12112812181008
Sep-1210611102975
Dec-1210651091995
Mar-1310321034986
Jun-1310091022960
Sep-1310801131970
Dec-1310771171950
Mar-1410911183977
Jun-1410931185983
Sep-14114111981081
Dec-14128212671334
Mar-15122812031255
Jun-15120311681251
Sep-15130012421377
Dec-15123511911285
Mar-16115711011204
Jun-16116711211202
Sep-16113110621185
Dec-16114911331134
Mar-17117911761151
Jun-17129212941267
Sep-17127712971236
Dec-17136814551256
Mar-18133414091220
Jun-18138314851241
Sep-18140214901258
Dec-18139815461205
Mar-19139014881247
Jun-19145915591313
Sep-19152716461383
Dec-19167917981539
Mar-20155316141449

“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,” Mr Wong said. “Despite the drop this quarter, lamb and beef prices remain relatively high.”

In the March 2020 quarter, we exported more beef products to the United States than the Chinese market, which was affected by COVID-19 earlier in the quarter.

Export prices for forestry products also fell in the March 2020 quarter, down 3.4 percent. This follows export price rises for forestry products towards the end of 2019.

“We saw a fall in log exports at the start of this year, especially to China – our largest export market for logs,” Mr Wong said.

The fall in overall export prices was partly offset by a rise in dairy product prices, up 0.8 percent in the March 2020 quarter. Milk powder prices led the increase in dairy export prices, up 2.6 percent. However, butter prices partly offset this increase, down 3.4 percent.

Terms of trade fall

The merchandise terms of trade fell 0.7 percent in the March 2020 quarter, the first fall since the December 2018 quarter. The drop reflects a fall in total export prices (down 0.2 percent) and a small rise in import prices (up 0.5 percent) in the March 2020 quarter.

Terms of trade is a measure of the purchasing power of New Zealand’s exports abroad. An increase means New Zealand can buy more imports for the same amount of exports.

QuarterMerchandise terms of trade
Mar-571201
Jun-571210
Sep-571166
Dec-571073
Mar-58987
Jun-58948
Sep-58966
Dec-581038
Mar-591067
Jun-591169
Sep-591216
Dec-591216
Mar-601128
Jun-601097
Sep-601090
Dec-601090
Mar-611049
Jun-611039
Sep-61998
Dec-611065
Mar-621071
Jun-621052
Sep-621090
Dec-621130
Mar-631169
Jun-631130
Sep-631229
Dec-631310
Mar-641287
Jun-641236
Sep-641276
Dec-641285
Mar-651262
Jun-651209
Sep-651228
Dec-651250
Mar-661226
Jun-661212
Sep-661249
Dec-661194
Mar-671139
Jun-671106
Sep-671047
Dec-671035
Mar-68992
Jun-681008
Sep-681001
Dec-681015
Mar-691025
Jun-691006
Sep-691058
Dec-691030
Mar-70989
Jun-70964
Sep-70977
Dec-70949
Mar-71940
Jun-71990
Sep-71978
Dec-711069
Mar-721097
Jun-721127
Sep-721152
Dec-721223
Mar-731345
Jun-731438
Sep-731419
Dec-731412
Mar-741310
Jun-741126
Sep-741010
Dec-74942
Mar-75809
Jun-75822
Sep-75815
Dec-75796
Mar-76844
Jun-76854
Sep-76869
Dec-76901
Mar-77928
Jun-77918
Sep-77893
Dec-77887
Mar-78903
Jun-78912
Sep-78927
Dec-78975
Mar-79997
Jun-791046
Sep-79984
Dec-79978
Mar-80935
Jun-80887
Sep-80858
Dec-80890
Mar-81894
Jun-81883
Sep-81873
Dec-81894
Mar-82901
Jun-82879
Sep-82865
Dec-82860
Mar-83837
Jun-83859
Sep-83860
Dec-83861
Mar-84872
Jun-84860
Sep-84836
Dec-84846
Mar-85856
Jun-85830
Sep-85817
Dec-85847
Mar-86817
Jun-86830
Sep-86849
Dec-86861
Mar-87894
Jun-87932
Sep-87931
Dec-87960
Mar-88980
Jun-88986
Sep-88998
Dec-881019
Mar-891031
Jun-891035
Sep-891051
Dec-891064
Mar-901066
Jun-901029
Sep-901027
Dec-90971
Mar-91956
Jun-91986
Sep-91977
Dec-91960
Mar-92969
Jun-92969
Sep-92995
Dec-921003
Mar-931017
Jun-931020
Sep-931015
Dec-93999
Mar-941011
Jun-94997
Sep-941000
Dec-941024
Mar-951012
Jun-95974
Sep-95979
Dec-951003
Mar-96990
Jun-96975
Sep-96995
Dec-96971
Mar-97972
Jun-97966
Sep-97955
Dec-97969
Mar-98984
Jun-98962
Sep-98975
Dec-98969
Mar-99953
Jun-99959
Sep-99991
Dec-99958
Mar-00942
Jun-00956
Sep-001005
Dec-001001
Mar-011057
Jun-011045
Sep-011057
Dec-011034
Mar-021050
Jun-021000
Sep-02982
Dec-02971
Mar-03996
Jun-031007
Sep-031004
Dec-031035
Mar-041057
Jun-041080
Sep-041077
Dec-041081
Mar-051105
Jun-051091
Sep-051087
Dec-051060
Mar-061069
Jun-061097
Sep-061073
Dec-061100
Mar-071117
Jun-071122
Sep-071163
Dec-071197
Mar-081247
Jun-081242
Sep-081230
Dec-081218
Mar-091185
Jun-091074
Sep-091057
Dec-091118
Mar-101186
Jun-101210
Sep-101246
Dec-101256
Mar-111266
Jun-111296
Sep-111288
Dec-111269
Mar-121240
Jun-121209
Sep-121170
Dec-121156
Mar-131205
Jun-131261
Sep-131355
Dec-131389
Mar-141414
Jun-141415
Sep-141351
Dec-141319
Mar-151336
Jun-151356
Sep-151304
Dec-151278
Mar-161331
Jun-161305
Sep-161289
Dec-161364
Mar-171417
Jun-171432
Sep-171451
Dec-171472
Mar-181443
Jun-181449
Sep-181447
Dec-181401
Mar-191415
Jun-191435
Sep-191460
Dec-191500
Mar-201490

/Stats NZ Public Release. View in full here.