NZ red meat exports hit record values - $1.26b in March, up 34% from 2024

Meat Industry Association chief executive, Sirma Karapeeva, says March was an exceptional month for red meat exports. Photo / 123RF

New Zealand red meat exports during March achieved record values for any month, with sales worth $1.26 billion, according to the Meat Industry Association (MIA).

Values were up 34% compared to March 2024, with volumes for sheepmeat and beef up 10%.

Red meat exports for the first quarter of the year were also up, worth $3.28b, a 28% increase on the first quarter of 2024.

The United States was the biggest customer for the first quarter and for March, at $1.4b and $398.2 million, respectively, followed by China at $832.5m and $286.2m.

MIA chief executive Sirma Karapeeva said March was “an exceptional month”.

“We saw some increase in volumes, year on year, but a much larger increase in value.”

She said March also set a new monthly record for the value of beef to the US, but the full impact of the US tariffs was still unclear.

“While there was only a small increase in the volume of sheepmeat exported during the first three months of the year compared to 2024, and beef volumes were much the same, the value for both increased significantly.”

She said this growth was largely driven by the same factors seen in the first two months of the year: good demand for sheepmeat in the EU, recovery in sheepmeat prices in China and high demand for beef in North America.

“With the new US tariffs introduced in early April, we are yet to see what impact these are having on exports to the US.”

Karapeeva said the one area where exports continued to be weak was beef to China, down 35% by volume and value compared to last March.

“This was largely due to China continuing to import large volumes of beef from South America.”

March exports

Volumes of sheepmeat and beef exported during March increased by 10% compared to March 2024, to 47,286 tonnes and 49,247 tonnes respectively.

The value of sheepmeat exports increased by 34% to $523m, and beef was up 41% to $534m.

The volume of sheepmeat exports to China increased 9% to 21,213 tonnes, but the value increased 38% to $140m.

This meant the average value of exports was $6.62/kg compared to $5.26/kg last March.

The volume of sheepmeat exports to the EU rose 31% to 8750 tonnes and the value increased 54% to $151 million, slightly above the $150 million worth of exports in February, which had been the highest monthly value of exports to the EU since 2009.

Beef exports to the US rose by 55% by volume to 23,795 tonnes, and the value was up 105% to $285m.

There was also a further increase in beef exports to Canada, up 121% by volume to 3246 tonnes and 192% by value to $36m.

March was also a good month for fifth quarter exports.

Compared to last March, there was an increase in exports of most categories, and overall fifth quarter exports were up 19% to $203m.

First quarter exports

Sheepmeat exports increased by 5% for the quarter, to 123,665 tonnes, but value rose 30% to $1.35 billion.

The value of sheepmeat exports to China was up 41% to $408m, by 45% to the EU to $380m and by 36% to the UK to $137m.

The only exception was the US, with a 5% drop in value to $165m.

Beef export volumes were largely unchanged from the first quarter of 2024 at 130,205 tonnes, but value increased by 30% to $140b.

Exports to China were down, but there was strong growth in beef to North America, with the US up 74% to $715m and Canada up 125% to $86m.

Fifth quarter exports for January to March were also positive, with the value of all categories except petfood increasing, and the overall value up 15% to $530m.