Goatmeat strongest red meat export commodity
14 October 2021
- Total goatmeat exports in 2021 are operating 20% stronger than 2020 year-to-date levels
- High over-the-hooks prices in 2021 are supporting stronger slaughter volumes, operating 3% higher than year-to-date averages of 2020
- Goat slaughter volumes have rebounded as its national herd rebuilds, rising by 30%, or 234,000 head, in year-to-date terms
Australian goatmeat exports in 2021 are outperforming 2020 volumes on the back of prices remaining buoyant and strong slaughter levels driven by favourable market prices.
Interestingly, year-to-date slaughter volumes in 2021 are 30% stronger than 2020 levels, or 234,000 head, while pitted against the five-year average, they are 30% softer, or 234,000 head. Indeed, the improved slaughter volumes compared with 2020 and the national goat herd’s rebuild from drought has been positively supported by the 2021 over-the-hooks (OTH) price, which is 3%, or 28c/kg cwt, stronger than the 2020 average in year-to-date prices.
In current market terms, the OTH goat price has been steady in recent weeks, sitting at 888c/kg cwt, falling softly from its high of 898c/kg cwt six weeks ago on 3 September. For 2021, the price has continued to recover from its first week start of 805c/kg cwt, as exporters continue to offer favourable prices to meet the bulging export interest.
With producers increasingly looking to incorporate goats into their operations as a managed enterprise option, Australian goat exports are outperforming 2020 levels on the back of this slaughter volume strength.
In 2021, overall goat exports are operating 20%, or 1,696 tonnes, better than 2020 year-to-August levels, driven by continued growth in the US and explosive volume upticks from South Korea, with its exports rising 97% this year. Annually, the US accounts for 67% of total goatmeat export volumes, demonstrating its significance for Australian red meat producers as a market. In 2021, the country’s export volumes have seen a 25% uptick year-to-date.