NZ beef export receipts expected to pass $4b this season

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New Zealand beef export receipts are expected to pass the $4 billion mark this season for the first time.

Beef + Lamb New Zealand’s mid-season update for 2019-20 forecast beef, lamb and mutton farmgate prices to maintain their high levels, by long-term historical standards, supported by a strong start for the first half of the season and an expected weakening of the New Zealand dollar.

While drought and Covid-19 both had impacts for farmers and meat processors, the fundamentals were likely to remain strong for exports this year, B+LNZ chief economist Andrew Burtt said.

Receipts for beef and veal, and lamb and mutton (including co-products)were forecast to total just under $9 billion.

Beef export receipts were forecast to lift 18 per cent to $4.6 billion while a lift in the average export value for lamb offset a lower lamb crop in 2019, resulting in a 4 per cent lift in total lamb export receipts to $3.54 billion.
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