Figures released by Statistics NZ show the worldwide effects of Covid-19 have cut export meat prices.
Export lamb and beef prices fell in the March 2020 quarter by 10 per cent and 5.8 per cent respectively.
Stats NZ business prices manager Geoff Wong says prior to the drop, the price of NZ beef and lamb had been rising for years on the back of strong international demand. He says that despite the drop this quarter, lamb and beef prices remain relatively high.
Export prices for forestry products also fell in the March 2020 quarter, down 3.4 per cent due to reduced volumes being exported to China. The downward trend in export prices was somewhat offset by a rise in dairy product prices, up 0.8 percent in the March 2020 quarter. Milk powder prices led the increase in dairy export prices, up 2.6 per cent.
New Zealand’s purchasing power or “terms of trade” also fell by 0.7 per cent. It was the first fall since 2018.