Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand - 2023

Contents:

1. Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand (FOB) - 2023
2. Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand (CIF) - 2022
3. Exports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand
4. Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand

Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand (FOB) - 2023

In December 2023, the average export price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $3,121 per ton, with an increase of 8% against the previous month. Over the period under review, the export price, however, saw a mild contraction. The most prominent rate of growth was recorded in July 2023 when the average export price increased by 8.4% against the previous month. The export price peaked at $3,599 per ton in December 2022; however, from January 2023 to December 2023, the export prices failed to regain momentum.

Prices varied noticeably by the country of destination: the country with the highest price was South Korea ($4,202 per ton), while the average price for exports to Malaysia ($1,882 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+1.3%), while the prices for the other major destinations experienced a decline.

Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand (CIF) - 2022

The average import price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $6,821 per ton in 2022, picking up by 35% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 204% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for Australia.

From 2012 to 2022, the rate of growth in terms of prices for Australia amounted to +0.7% per year.

Exports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand

For the fourth year in a row, New Zealand recorded growth in shipments abroad of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat, which increased by 0.9% to 80K tons in 2022. The total export volume increased at an average annual rate of +6.2% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 11% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, exports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat rose sharply to $310M in 2022. In general, total exports indicated a resilient expansion from 2019 to 2022: its value increased at an average annual rate of +12.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +52.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 35%. Over the period under review, the exports of reached the peak figure in 2022 and are expected to retain growth in the near future.

Top Export Markets for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from New Zealand in 2022:

1. China (56.6K tons)
2. South Korea (12.1K tons)
3. Indonesia (2.7K tons)
4. Malaysia (2.4K tons)
5. Australia (1.6K tons)

Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in New Zealand

In 2022, purchases abroad of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat decreased by -98.5% to 256 kg, falling for the second year in a row after two years of growth. In general, imports showed a sharp slump. The pace of growth was the most pronounced in 2020 when imports increased by 734%. As a result, imports attained the peak of 238 tons. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat reduced markedly to $1.7K in 2022. Over the period under review, imports showed a sharp setback. The growth pace was the most rapid in 2020 when imports increased by 2,431% against the previous year. As a result, imports reached the peak of $1.1M. From 2021 to 2022, the growth of imports of failed to regain momentum.

Top Suppliers of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to New Zealand in 2022:

1. Australia (256.0 kg)

Source: IndexBox Market Intelligence Platform