Strength of sterling acknowledged by QMS as key factor in rise of beef imports

Strength of sterling acknowledged by QMS as key factor in rise of beef imports

Quality Meat Scotland (QMS) believes that the strength of sterling has been one of the most significant factors affecting the price of finished cattle in recent months.

QMS's Stuart Ashworth.

QMS’s head of economics Stuart Ashworth.

Stuart Ashworth, head of economics with QMS said: “The currency situation, which has seen a ten -15 per cent increase in the value of sterling, has meant that it has been difficult for processors to export. At the same time the market has become more attractive for imports.”

Ashworth says that provisional customs data for January and February shows that “imports have increased by about 4500 tonnes” and that “the market has been working with around eight per cent more beef than a year ago.”

The Netherlands is currently the highest beef importer to the UK with 3119 tonnes with Spain and Botswana in the top five importers during January and February. But, Ashworth said these tonnages were at a low level: “Just 574 tonnes of beef was imported to the UK from Spain and 514 tonnes from Botswana.”

The forthcoming months show encouraging signs for beef producers as the supply and demand pendulum starts to swing back towards farmers.

Ashworth commented: “We know the availability of prime cattle in Scotland, UK and Ireland will diminish so, in the next quarter, we expect to see the volume of cattle arriving at abattoirs slow down. It is likely we will then see some firmness in the market for the beef producer.”

For further information www.qmscotland.co.uk

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