New Zealand meat export prices hit record high

Source: Xinhua | 2020-03-03

Export prices for meat, including beef and lamb, rose to their highest-ever level in the December 2019 quarter, boosting overall export prices, New Zealand's statistics department Stats NZ said on Monday.

"Meat export prices have risen for three quarters in a row, on the back of strong demand towards the end of last year," business prices manager Bryan Downes said in a statement.

Meat volumes rose 3.2 percent, and values rose 12 percent in the December 2019 quarter, Stats NZ said.

"Over the year, meat prices also rose, with both beef and lamb prices up," Downes said.

Exports of meat and logs increased towards the end of 2019, before the outbreak of coronavirus, he said, adding China is New Zealand's biggest trading partner.

Downes said any impact of the COVID-19 on prices for New Zealand goods and services, mainly because of disruptions to global trade, could be reflected in the March 2020 quarter.

The merchandise terms of trade rose 2.6 percent to its highest level, as export prices rose more than import prices. The terms of trade is a measure of the purchasing power of New Zealand's exports abroad. An increase means New Zealand can buy more imports for the same amount of exports, according to Stats NZ.