India FTA Removes 33% Tariff on NZ Sheepmeat
New Zealand’s red meat sector has welcomed the India-New Zealand Free Trade Agreement taking effect, which removes India’s 33% tariff on New Zealand sheepmeat.
Sheepmeat exports increased by 15% to $345 million compared with June 2020.
Beef exports rose 8% to $411 million and co-products rose by 40% to $181 million.
There was also an increase in the value of all categories of co-products, with the largest two categories – prepared meat products and edible offals – increasing by 88% and 30% respectively.
Sirma Karapeeva, chief executive of MIA, says China was the largest overall market in June with exports worth $377 million, an increase of 37% compared to the same period in 2020.
“We saw a very significant increase in beef exports to China during June, with a 60% increase year-on-year to $156 million.
“China’s domestic pork production continues to be affected by African Swine Fever, resulting in demand for high volumes of imported meat. New Zealand has also benefited from reduced supply from other major beef exporters such as Australia, which is re-building its herd, and Argentina, where the government has imposed restrictions on beef exports,” says Karapeeva.
She says that over the past 12 months, New Zealand has exported $9.1 billion in red meat and co-products.
She says that while this is 3% lower than 2020, it is still very high.
While global meat prices remained high in 2020/21, they were down on the 2019/20 levels, and the value of the New Zealand dollar has also increased against major currencies like the US dollar over the last year.
