Emerging market growth continues with New Zealand sheep meat exports to China up for May 56% by volume and 61% by value.
Year-on-year monthly shipments of dairy products to China were also higher (up 24%) for the first time since January, Rabobank's latest agribusiness review showed.
However, total beef exports were down 5% season-to-date, mostly as a result of a 6000-tonne reduction in exports to both China and Japan.
In the same period, beef exports to Russia improved 7% to 30,000 tonnes and exports to Taiwan doubled to just below 3000 tonnes.
Total sheep meat exports decreased 2% year-on-year in May, primarily due to lower boneless product shipments.
However, export value for May shipments fell by 23% (or $80 million) giving some insight into the effect of exchange rate movements on farm-gate prices, the report said.
Tough trading conditions were experienced in the key UK, EU and US markets after Easter. Shipments to the US, Germany and France were all down by about one-third compared to May last year, but value was more than 40% lower. Although exports to the UK were up 7%, value was down 5% for the same period.
May dairy export data reflected the strong production season with volumes 7.8% higher than the year before and particularly strong in cheese, butter and casein products.
Currency pressures had combined with difficult market conditions across Europe to impact on venison export volumes.
Exports for May were 16% higher for the month on a volume basis but 9% lower on a value basis, the report said.
Wool prices fell sharply throughout June, reversing the lift in prices at the end of May.
Both the New Zealand Wool Services International Ltd fine and coarse crossbred indicators fell by about 12% throughout the month, particularly as a result of subdued export demand.
Export wine volumes were 11.6% higher than in the corresponding month last year.
Of significance was the fact the proportionate share of bulk shipments in total export shipments fell below 20% for the first time in two years in May.
While bulk shipments typically dipped at this time of year, it was also an indication that industry stocks had once again been drawn down to more manageable levels, the report said.
New Zealand's export markets continued to register strong growth as shipments rose 15% in volume and 8.8% in value in the first four months of the year, relative to the corresponding period last year.
