New Zealand Lamb Exports Set To Fall To 1963 Levels

New Zealand’s lamb exports may drop to a 45-year low this season after drought cut breeding stock and farmers converted to more profitable dairying and cropping, according to Meat & Wool New Zealand Ltd.

The export kill may fall 23 percent to 20.4 million lambs in the year starting Oct. 1, the lowest since 1963, it said. Meanwhile, total lamb numbers will fall 15 percent to 27.3 million, they added.

Europe and the U.K. buy about half New Zealand’s lamb production, with North America and North Asia the next largest markets with about 12 percent each.