Total Australian mutton exports are holding up well, especially considering the demand from the two top destinations, China & Malaysia, have been in an easing trend over April 2024. The total export flows were 18,913 tonnes swt in April, down by nearly 7% from the March flows.
Despite the easing trend this result was still the best April volumes on record, beating the previous April peak from 2023 by 20%. The strength in demand in the current market highlighted by the fact that April 2024 mutton export volumes sit 54% above the five-year average flows usually seen during April.
A summary of the trade flows to the top mutton destinations is as follows.
China – There was a 20% easing in mutton exports from Australia to China during April 2024 to see 4,812 tonnes recorded shipped for the month. This places the current export flows of mutton 5% below the April seasonal average, based on the last five years of trade. The reduced demand is highlighted further when compared to the April 2023 levels. Current flows to China are sitting 36% lower than this time last year.
Malaysia – There was a much sharper decline in Aussie mutton exports to Malaysia over April with flows reducing by nearly 36%. The trade data reported 1,870 tonnes swt of mutton consigned to Malaysia for the month. Unlike China the Malaysian flows remain above the five-year April average by nearly 44% and the flows to Malaysia seen during April 2024 still represent the strongest April mutton trade from Australia on record.
The Others – The record total flows for April 2024 have been underpinned by very strong demand to other destinations. Flows to the “others” were 12,231 tonnes swt in April, which is the largest monthly exports of mutton from Australia since December 2014 and nearly an 8% lift on the March 2024 figures. Compared to April 2023 current flows to other destinations are 76% higher reflective of a big turnaround in international demand for Aussie mutton and our current competitive pricing. Similarly, the comparison to the five-year trend for April shows current mutton exports 107% higher.
This article originally appeared at Episode3. Republished with permission.
Matt Dalgleish is Founder & Director of Episode3. Follow him on X here
