Australia's Lamb and Sheep Meat Price Drops Slightly to $5,767 per Ton

Australia Lamb and Sheep Meat Export Price in December 2022

In December 2022, the lamb and sheep meat price amounted to $5,767 per ton (FOB, Australia), falling by -4.2% against the previous month. In general, the export price continues to indicate a mild setback. The pace of growth appeared the most rapid in June 2022 when the average export price increased by 3.9% against the previous month. As a result, the export price attained the peak level of $7,701 per ton. From July 2022 to December 2022, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Canada ($9,203 per ton), while the average price for exports to Papua New Guinea ($2,795 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-0.2%), while the prices for the other major destinations experienced a decline.

Australia Lamb and Sheep Meat Export Prices by Type

There were significant differences in the average prices for the major types of exported product. In December 2022, the product with the highest price was fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) ($10,401 per ton), while the average price for exports of fresh or chilled sheep (excluding lamb) carcasses and half-carcasses ($3,365 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for the following types: fresh or chilled sheep (excluding lamb) carcasses and half-carcasses (+0.6%), while the prices for the other products experienced a decline.

Australia Lamb and Sheep Meat Exports

In December 2022, the amount of lamb and sheep meat exported from Australia expanded significantly to 43K tons, growing by 10% compared with the previous month. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in February 2022 with an increase of 20% month-to-month. Over the period under review, the exports hit record highs at 44K tons in October 2022; however, from November 2022 to December 2022, the exports failed to regain momentum.

In value terms, lamb and sheep meat exports rose rapidly to $247M (IndexBox estimates) in December 2022. Overall, exports, however, continue to indicate a mild reduction. The pace of growth appeared the most rapid in March 2022 with an increase of 21% month-to-month. The exports peaked at 310K tons in June 2022; however, from July 2022 to December 2022, the exports remained at a lower figure.

Australia Lamb and Sheep Meat Exports by Type

Frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (25K tons) was the largest type of lamb and sheep meat exported from Australia, accounting for a 58% share of total exports. Moreover, frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) exceeded the volume of the second product type, frozen sheep (including lamb) boneless cuts (7.6K tons), threefold. Fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (5.1K tons) ranked third in terms of total exports with a 12% share.

From December 2021 to December 2022, the average monthly rate of growth in terms of the volume of export of frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) was relatively modest. With regard to the other exported products, the following average monthly rates of growth were recorded: frozen sheep (including lamb) boneless cuts (+1.1% per month) and fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (-0.4% per month).

In value terms, frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) ($109M) remains the largest type of lamb and sheep meat exported from Australia, comprising 44% of total exports. The second position in the ranking was held by fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) ($53M), with a 21% share of total exports. It was followed by frozen sheep (including lamb) boneless cuts, with a 19% share.

From December 2021 to December 2022, the average monthly rate of growth in terms of the export volume of frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) totaled -2.7%. With regard to the other exported products, the following average monthly rates of growth were recorded: fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (-1.1% per month) and frozen sheep (including lamb) boneless cuts (-0.5% per month).

Australia Lamb and Sheep Meat Exports by Country

China (15K tons), the United States (8K tons) and Malaysia (2.2K tons) were the main destinations of lamb and sheep meat exports from Australia, together comprising 58% of total exports. These countries were followed by Papua New Guinea, the United Arab Emirates, South Korea, Singapore, Saudi Arabia, the UK, Canada, Japan and Taiwan (Chinese), which together accounted for a further 28%.

From December 2021 to December 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +2.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($66M), China ($57M) and South Korea ($16M) were the largest markets for lamb and sheep meat exported from Australia worldwide, with a combined 56% share of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of +2.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform