Red meat sector's 'wait and see' approach in the US
The red meat sector is adopting the New Zealand Government’s ‘wait and see’ approach as it braces for the second Donald Trump presidency in the US.
The decision follows consultation with sheep and beef farmers on the distribution of interest and dividends generated from the NZMB’s $79 million reserves fund towards industry good projects. Up to $700,000 will go to the Informing New Zealand Beef genetics project (INZB) and up to $1 million to the Eliminating Facial Eczema Impacts (EFEI) programme.
Kate Acland, chair of the NZMB and Beef + Lamb NZ, says the two projects will deliver significant benefits to red meat producers.
“This funding boost from the NZMB will help both INZB and EFEI drive major productivity gains behind the farm-gate for thousands of sheep, beef and dairy farmers across the country. This investment comes at a critical time for the sector, which is facing significant financial pressures.
“INZB is providing farmers with the beef genetics tools to help drive productivity and profitability on farm. It is on track to achieve its goals of boosting the sector’s profits by $460m over the next 25 years.
“The EFEI programme aims to equip farmers with tools, knowledge and solutions that can be adopted to combat a devastating livestock disease, and improve productivity in the red meat and dairy sectors.”
The NZMB does not identify or administer any research programmes, however, it considers funding projects put forward by B+LNZ, says Acland.
“The NZMB has three key roles. One is to achieve the best possible ongoing returns from sheepmeat and beef exports to international quota markets. It currently oversees $2.6 billion of red meat exports to the quota markets of the European Union, United Kingdom and the United States, representing tariff savings of $934 million a year for the sector. It also administers farmer reserves, currently standing at $79 million,” says Ackland.
