Please find below AMIC’s monthly industry economic update.
Key takeaways from the data:
- Global supply chains continue to provide hurdles for Australian meat exporters, with sea freight bottlenecks and costs more than 200% above average. Reduced international flights continue to impact export supply and demand, particularly for lamb, through both reduced export channels, and also reduced demand in key tourism hubs such as the Middle East and South East Asia.
- China’s rebuilding pig herd and soaring meat imports have led to a 65% reduction in live pig prices, undermining future growth in pork production and providing support to China’s meat imports into 2022.
- Sep quarter beef export volumes were 17% below average due to reduced slaughter. Japan continued as Australia’s dominant market with a 28% share in the Sep quarter, while the US continued its 2021 recovery into second place with 18%.
- Sheep meat export volumes were 19% above the normal range, driven by strong lamb exports. The US continued to grow as a key export market with 26% export share for the Sep quarter, behind China with 30% share.
- Goat meat exports continue to rebuild after 10 years of high rangeland goat harvest reduced available stock in 2020, and remain 30% below average for the Sep quarter.