New Zealand could be looking at opportunities in beef exports to the UK as part of any trade deal.
Beef production in New Zealand has increased this year as the country looks towards a future trade deal with the UK, once it leaves the European Union.
Production in the year to October totalled 564,000 tonnes, up 6 per cent year-on-year, according to AHDB. Exports increased 7 per cent.
NZ was eyeing up better access for its meat in a future NZ/UK trade deal.
AHDB analyst Rebecca Oborne said: “Although NZ produces about one-quarter less beef annually than the UK, about 90 per cent is exported, making it one of the largest exporters in the world.”
UK and NZ Governments have already announced they wish to commence free-trade agreement talks as soon as possible, with NZ looking for a reduction in tariffs on meat products.
Ms Oborne said: “UK beef production equates to only 75 per cent of consumption, and that is before considering exports.”
Almost all imports come from the EU and, dependent on the deal the UK gets with the EU, it might start looking elsewhere for beef.
“Based upon current commentary from the Government, it is unlikely sharp rises in consumer shelf prices will be tolerated.”
In the US, higher production has aided exports, which were up 13 per cent in the first nine months of the year, but higher domestic production has been weighing on farmgate prices.
Exports to South Korea were up 39 per cent, with other Asian markets, including Taiwan, the Philippines, Vietnam and Indonesia, also growing.
The US also imports a ‘significant amount’ of beef, with imports relatively stable on the year, with Canada and NZ increasing exports, while Australian and Mexican exports fall.