Farmlands half-year results 'show strong progress'
Farmlands says that improved half-year results show that the co-op’s tight focus on supporting New Zealand’s farmers and growers is working.
This is only the second month in 2024 where exports exceeded $1 billion.
MIA chief executive Sirma Karapeeva says this reflects a continued recovery in global demand and the resilience of New Zealand’s red meat sector. She says China remained the largest market for the month, with exports steady at $313 million year on year, while other major markets showed significant growth.
“Exports to the US surged 38% to $310 million, while the UK saw a 53% increase to $64 million, and Canada experienced growth of 116% to $46 million,” she says.
Karapeeva says despite a 3% decline in sheepmeat export volume to 37,215 tonnes, the value rose 22% to $378 million, driven by strong demand in key markets.
She says exports to China fell 7% by volume to 20,364 tonnes, yet their value increased by 21% to $135 million. At the same time beef exports saw a slight decline in volume, down 1% to 50,098 tonnes, but again value grew by 22% to $511 million.
“North America was a standout market, with US exports up 13% by volume to 20,600 tonnes and 48% by value to $232 million.
“Exports to Canada saw even stronger growth, up 167% by volume to 3,141 tonnes and 201% by value to $33 million,” she says.
Karapeeva says while the recovery in late 2024 was encouraging, challenging market conditions earlier in the year contributed to an overall 3% decline in total annual exports, which reached $9.86 billion. Total sheepmeat exports declined 3% in both volume and value, amounting to 373,682 tonnes and $3.61 billion.
A key trend was the recovery in chilled meat exports. Chilled sheepmeat exports rose 7% to 38,249 tonnes, with value also up 7% to $664 million. Chilled beef exports increased by 12% to 37,763 tonnes, while value surged 20% to $641 million.
Karapeeva says the resilience of New Zealand’s red meat sector, along with strategic market diversification, has helped us navigate global challenges.
“The strong finish to 2024 and growing demand in key markets are promising signs for the industry heading into 2025,” she says.
