Record High: China Imports $212M Worth of Lamb and Sheep Meat in June 2023

Record High: China Imports $212M Worth of Lamb and Sheep Meat in June 2023

China Lamb and Sheep Meat Imports

In June 2023, China witnessed a significant surge in the import of lamb and sheep meat, with a volume of 47K tons, marking a 31% increase compared to May 2023. This growth trend has been consistent over the past year, showing an average monthly rate of +5.7%. Although there have been fluctuations, June 2023 recorded a remarkable increase of +31.4% compared to May 2023. This peak in imports is expected to continue its upward trajectory in the near future.

In terms of value, the import of lamb and sheep meat reached an all-time high of $212M in June 2023 according to IndexBox estimates. The total import value has been growing steadily at an average monthly rate of +3.3% from June 2022 to June 2023. Similar to the volume trend, there have been noticeable fluctuations throughout this analyzed period. The peak in import value suggests a continued growth pattern in the immediate term.

Imports by Country

China's main suppliers of lamb and sheep meat imports are New Zealand, Australia, and Uruguay, together accounting for 99% of the total imports. New Zealand holds the largest share with 25K tons, followed by Australia with 19K tons and Uruguay with 2K tons. Among these suppliers, Uruguay experienced the highest growth rate in terms of purchases with a CAGR of +9.0%.

When considering the value of imports, New Zealand topped the list with $117M, followed by Australia with $83M and Uruguay with $8.7M. Uruguay recorded the highest growth rate in import value with a CAGR of +7.0%.

Imports by Type

The largest type of lamb and sheep meat imported to China in June 2023 was frozen sheep cuts with bone in, constituting 80% of total imports. This was followed by frozen sheep boneless cuts, which were nine times smaller in volume. Frozen sheep carcasses and half-carcasses held the third position with a 6.7% share. The average monthly growth rate for these types of imports ranged from +5.5% to +6.4%.

In terms of value, frozen sheep cuts with bone in accounted for 80% of total imports, followed by frozen sheep boneless cuts with a 10% share. Frozen sheep carcasses and half-carcasses accounted for 6.2% of the total import value.

Import Prices by Country

In June 2023, the import price of lamb and sheep meat in China was $4,498 per ton. Although there was a slight increase of 1.6% compared to the previous month, the overall trend showed a noticeable downturn. The highest price was observed in New Zealand at $4,622 per ton, while Australia had one of the lowest prices at $4,352 per ton. The most significant rate of price growth was recorded in Australia with a decline of -1.7%.



Source: IndexBox Market Intelligence Platform

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