The average price of EU lamb (Aug-Oct) rose 5% against the previous average price (May-Jul), supported by seasonal trends and lower domestic meat availability due to reduced imports from New Zealand. Between January and June, EU sheep meat imports fell 19% y-o-y and are forecast down 16% for the whole of 2019 compared to 2018, as the diversion of New Zealand’s and Australian lamb trade towards China continues.
The August to October average price for New Zealand lamb is 11% higher than the previous average (May-Jul), and up 2% y-o-y. The price has increased due to lower meat output and robust demand from China. In the year to July, New Zealand exported 5% less sheep meat compared to 2018 due to lower production.
From economical to political, all the factors impacting the lamb market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions.