Market update: New Zealand lamb prices
According to Mintec, the commodities analyst, both chilled and frozen exports have been falling since May 2016—recent data shows that July exports were down by 22% from last year at 16,857 tonnes.
The strengthening dollar has made New Zealand produce more expensive on the global market, having rallied by 15% since the end of January against the US dollar. It has also strengthened against other major currencies due to an increase in demand from investors as a result of high interest rates in New Zealand.
Exports have also weakened because of a decline in slaughtering and production, due to a drop in the number of ewes put to the ram in 2016.