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Tuesday 28 June 2022

Dairy, meat lead value of Jan exports down

26th February 2021 By Staff Reporter | | @foodtickernz

Falls in the value of dairy and meat led the total value of exports down to $4.2bn for January 2021, a drop of 10% on the same month a year earlier.

Stats NZ’s said the $486m decline recorded in its latest overseas merchandise trade data was the largest year-on-year fall in the value of exports since March of 2016.

Dairy saw the value of milk powder exports fall by $97m, butter dropped $62m and whey declined by $31m.

“The drop in dairy exports was partly due to a fall in quantity for whey products to one of New Zealand’s top export trading markets, the United States. Exports of dairy were the largest fall for the US in January 2021, specifically exports of whey,” Stats NZ’s international trade manager,  Alasdair Allen, said.

“The $64m fall in preparations of milk, cereals, flour, and starch (largely infant formula) was another notable contributor to the major fall in export commodities.”

It was the fifth consecutive month this season where monthly dairy exports were lower than the corresponding month a year ago.

“China was the only one of our top trading partners to see a rise in January,” Allen said.

Following a $194m fall in milk powder, butter, and cheese to China in December 2020, there was an $89m rise in January 2021. This was led by a $57m increase in milk powder exports compared January 2020, said Stats NZ.

New Zealand’s second-largest export commodity group, meat, also saw a large drop, down 18% or $141m in January.

Stats NZ said meat exporters not only sold less but did so at a lower price.

The valus of sheep meat exports fell 17% or $69m while beef exports fell 20% or $69m. While the falls were largely price driven there was also a drop in quantities for both exports.

Stats NZ said China and the US saw some of the largest falls in meat exports, both seeing drops in beef export prices.



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