Still riding high
Lamb Export Summary April 2024
Monthly Australian lamb exports are on the march higher again with April 2024 recording an 2% gain on the previous months tally. Total lamb exports for April hit 31,318 tonnes which makes this month the third highest flows of lamb exports from Australia on record. Compared to April 2023 the current volumes are 41% higher and based on the five-year average trend these levels are 35% higher than the April average.
A summary of the top Aussie lamb export destinations is as follows.
USA – There was an 8% decline in flows to the USA during April 2024, but volumes are coming off a pretty high base. Trade data shows 6,762 tonnes of Aussie lamb were sent to the USA in April which represents volumes that are 76% higher than April 2023 and 30% above the five-year average levels for April. Considering that the last few years, particularly 2021 and 2022, saw strong demand for Aussie lamb out of the USA this April’s result is pretty encouraging, even despite the slight easing noted.
China – Lamb demand from China is somewhat less inspiring than the USA, but it still saw a 16% increase during April. There was 5,245 tonnes swt of lamb reported shipped to China from Australia last month, representing levels that are just 4% under the five-year average pattern for April. Compared to April last year the current trade volumes of lamb from Australia are 2% stronger, so consistency seems to be the name of the game out of China presently.
The Others – Aussie lamb export flows to the other destinations for April saw a new record volume, and not just for April. The current lamb export volumes of 19,311 tonnes represent the best month ever for Aussie exports to other destinations. The previous all time monthly record was only set in October 2023 signalling that the lamb export trade is booming presently. Compared to the five-year average levels for April the current volumes shipped represent levels that are 54% stronger. This is a great result for the sector in terms of market share and trade volumes, but this popularity is likely underpinned by the very competitive pricing seen for Aussie lamb on the global stage at the moment.
