Fears of a lamb export market downturn after the Brexit vote are unfounded, as markets other than Britain have picked up the export volume slack.
Encouragingly, the Middle East has increased its share of New Zealand lamb exports from 6.6% to 9.1% over that period.
China and the United States have also increased their shares, ASB's latest Farmshed Economics report said.
Demand had lifted this year and overall lamb export prices had lifted 6.6% on the back of firm demand so far this season. Prices had lifted in all markets except the United Kingdom.
The price outlook was strong heading into the new season. Lamb supply was likely to lift so prices might "come off the boil" but, with such a high starting point for prices, the 2017-18 outlook was "rosy".