Mintec New Zealand lamb price dropped 13% in the first fortnight of February 2020 compared to the same period in January. New Zealand is the largest exporter of lamb to China, which accounted for 51% (203,865 tonnes) of total lamb imports in 2019. The coronavirus outbreak in China has resulted in trade disruption at Chinese ports, adding bearish trend to New Zealand lamb prices.
Mintec price for US beef has been dropping since the end of January 2020, after a brief rise mid-month. ASF hit China, destroying a large number of Chinese pig population, which increased the demand for alternative meats such as beef. As a result, US beef exports briefly increased to China; however, the coronavirus outbreak has led to a disturbance in trading activity, weighing down on US beef prices.
Apart from lamb and beef, other commodities across the globe have also been impacted by the coronavirus outbreak. Mintec's in-depth analysis on the impact of the coronavirus outbreak on commodity markets can be found here.