UK lamb trade shrinks by third as sterling bites
British farmers shipped almost a third less lamb abroad in June than last year – as the market remains stacked against producers.
Latest trade statistics show UK sheepmeat exports were down 30% on the year at 9,100t.
This took exports for the first six months of the year 23% lower than the same period in 2014.
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The strength of the pound against the euro has made selling into Europe, the UK’s most important market, far tougher.
Imports have continued to fall from much higher levels early in the season.
The UK imported 18% less sheepmeat in June than a year earlier, with shipments from New Zealand back 16%.
But plentiful supplies of British lambs have kept the pressure on farmgate returns.
In the week to 12 August, the British liveweight SQQ average dropped 7p/kg to 151p/kg – down more than 15p/kg on the year.
Exchange rates are also hampering the UK’s beef trade, making imports more attractive and foreign trade harder.
The UK imported 22,200t in June – up 8% on the same month in 2014.
British beef shipments abroad were down a fifth at 7,900t.
Pork showed a more mixed picture in June, with both imports and exports higher.
The UK bought in 30,800t of pigmeat – 3% up on the year.