Australia's Lamb Exports Surpassed 50% of Global Trade in 2023

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ten data blog08-04-2024

In 2023, Australia's lamb exports increased to approximately 550,000 tons, reaching a historic high in production and accounting for over 50% of global lamb exports.

According to a report from Meat & Livestock Australia (MLA) on April 5, 2023, Australian lamb accounted for over 50% of global lamb exports in 2023 for the first time.

Australia's share of global exports gradually increased from less than 40% in 2017.

Record-high lamb production in 2023, coupled with a decline in New Zealand's lamb exports in recent years, supported the growth in Australia's percentage share.

The MLA report stated that the export growth limited its competitors, with New Zealand's exports being particularly affected.

"The increase in Australia's supply has impacted New Zealand's exports, resulting in a decline in its market share in China. Additionally, supply chain constraints hindered exporters from expanding their market share in other major markets."

According to MLA data, China's lamb imports increased by 24% in 2023, reaching approximately 430,000 tons. In recent years, New Zealand has been a major supplier to China, but its exports only grew by 10% in 2023.

This means that New Zealand's share of the Chinese import market decreased to 50% in 2023, down from 57% in 2022.

In contrast, Australia's lamb exports to China increased by 43% to 197,448 tons in 2023. This means that 71% of the incremental import volume in China was filled by Australia, increasing its market share to 46%, setting a new record.

The increase in Australia's lamb supply has put significant downward pressure on the returns New Zealand receives from the Chinese market. The MLA report stated that historically, there has been a premium of $1 to $1.30 per kilogram for New Zealand products over Australian products.

This premium has disappeared since 2022, with both products competing for market share, and prices are now competitive, primarily influenced by exchange rate fluctuations.

If you wish to delve deeper into the dynamic lamb submarkets in Australia, please inquire with Tendata. We are eager to assist you with comprehensive reports on lamb trade in specific submarkets, elucidating the areas of your interest. (>>Contact Tendata Now)

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When you want to know which 6-digit or 8-digit HSN codes are associated with the product, you can search on the Tendata platform using the HS codes. We provide you with statistical data on trade volume, trade frequency, and other more finely segmented categories of lamb. Here's an example displayed by Tendata for your reference. (For detailed information, please contact Tendata.)

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