New Zealand: Livestock and Products Semi-Annual

Favorable pricing and weather conditions for New Zealand cattle farmers have resulted in a retention of finishing cattle on farms and less slaughter in 2024. Farm operations face challenges with continuing financial pressure such as high debt, increasing on-farm inflation, and declining farmgate margins. FAS/Wellington 2025 market year (MY) production forecast is up on the outgoing year, if realized, would be the second highest production in a single year. This is due to forecasts that prime beef from steers and heifers in the first half of 2025 are expected to be up in carcass weight and numbers. For the 2024 MY, beef and veal exports concluded 5 percent less than the previous year. The United States was the largest importer of beef and veal products, at almost 40 percent market share. Exports faced headwinds due to a 29 percent decrease in volumes to China, which was New Zealand’s largest market in the prior year.