Australian lamb exports soared to new heights in 2022, to a record 284,256 tonnes swt - a 7% rise on 2021 volumes (DAFF). Sustained demand for Australian lamb from the US was a key driver in the rise of lamb exports for the year, with exports hitting a record 75,011 tonnes swt – up 6% on the previous year. The top five markets for Australian lamb exports in 2022 in order of volume was the US, China, South Korea, PNG and the United Arab Emirates.
Figure 1: Australian Monthly Lamb Exports 2020 - 2022 (Source: DAFF)
Figure 2: Australian monthly lamb exports by destination 2020-2022, top 5 countries (Source: DAFF)
Australian lamb exports to the US have seen year-on-year growth since 2010, as American consumers continue to develop a taste for Australian lamb, while their domestic production remains tiny. Despite the anticipated recession and increasing cost-conscious consumers, Australian lamb exports reached a record 75,011 tonnes swt. The stability of the US market in recent years has created a strong and reliable export platform for the lamb sector, with Australian exports for the 2018-22 averaging 63,272 tonnes swt.
The impact of the economic slowdown in China, due to several factors, has contributed to Australian lamb exports declining again in 2022. A total of 52,151 tonnes swt of Australian lamb was exported to China in 2022, a 17% decline of 2021 volumes and 27% lower than the record volume shipped in 2019. The recent relaxation of COVID restrictions is anticipated to be closely watched by lamb exporters, keen to rebuild the volumes from previous years.
Australian lamb exports to PNG registered one of the sharpest increases, jumping 68% year-on-year, to 21,901 tonnes swt – all frozen product. Peaking in May 2022, the country reached its largest monthly export of Australian lamb on record with 2,692 tonnes, more than doubling the country’s five year monthly average. A consistent, but price conscious market for Australian lamb, the decline in competition from other markets assisted the rise in volume in 2022 – placing PNG as the fourth largest market for the year.
Looking forward to 2023, demand for Australian lamb is set to remain strong, albeit with cost-conscious consumers in the US expected to impact overall demand. The continued expansion of export markets, most notably with the potential to India, lamb exports are expected to again be the “under the radar” success for Australian red meat exporters.
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