Beef and veal imports drop as exports rise
Imports of beef and veal dropped 17% to 19,500 tonnes in July relative to last year, according to the latest data from HMRC.
AHDB Beef and Lamb says the trend has been entirely driven by significant decreases in shipments of fresh/chilled products from all of the UK’s major European suppliers.
Shipments of beef and veal are reported to have reduced 20% from Ireland – the UK’s most significant supplier – 40% from the Netherlands and 30% from Poland.
The movement on the UK market away from imported goods in the month following the EU referendum vote is likely a reflection of the devaluation of the pound against the Euro, which has made European beef less attractive to UK buyers.
As a result, domestic demand for UK beef and veal has strengthened, which has been highlighted in farmgate prices.
Meanwhile beef and veal exports are reported to show an increase of 1% in July compared to the corresponding month last year. Despite only a modest increase in volume, the value of these exports is up 10% in sterling terms on July 2015, bolstered by the falling value of the sterling.
According to AHDB Beef and Lamb the small increase in exports is largely attributable to increases in shipments of fresh/chilled products, particularly bone-in cuts and carcasses, with shipments up 27% and 12% respectively year-on-year.
Hong Kong was key in driving the growth in demand for bone-in cuts, alongside Ireland, while the demand for carcasses has primarily come from the Netherlands.
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