When it comes to natural resources, Australia is one of the richest countries. Iron ore, coal, gold, petroleum products, and aluminum are the top exports of the country.
Australia is one of the biggest beef exporters around the world. In 2016, the country exported beef to more than 100 countries for $7,401 million. However, during the past few years, the demand for Australian lamb meat has significantly increased in the international market.
Sheep farming is a profitable industry in the country. In 2017, around 22 million lambs were slaughtered for the domestic market. Due to the increasing demand for lamb meat in the domestic market as well as international markets, the prices of lamb have recently been on a rise.
Recently, it was reported that Australian farmers have limited the production. As a result, the balance between demand and supply of lamb was affected. Since the demand for Australian lamb is much higher than its supply to the market, the prices have also gone up.
The increasing demand for lamb benefits cattle farmers in Australia. They can get good profits for the produce. This is the reason why more and more people are turning to sheep farming in Australia. If you visit the countryside, you can find a myriad of sheep stations.
Australia exports lamb meat to the US, Middle Eastern countries, countries of the European Union, and China. The demand for this delicious meat has significantly increased over the years.
Let’s take a look at the list of the countries that were the biggest importers of Australian lamb in 2016:
- US – Australia exported 54,545 tonnes swt to the US
- China – Around 39,096 tonnes swt were exported to China
- UAE – UAE imported 20,904 tonnes swt Australian lamb in 2016
- Qatar – Qatar stands 4th with 15,904 tonnes swt import of Australian lamb
- Papua New Guinea – Australia exported 15464 tonnes swt to Papua New Guinea
- Jordan – 12,256 tonnes swt lamb meat exported to China
- European Union – EU imported 11,512 tonnes swt
- Malaysia – Malaysia imported 9,741 tonnes swt in 2016
- Japan – Australia exported around 8,640 tonnes swt to Japan
Back in the day, a majority of locals preferred lamb over beef and other types of meat. However, the prices of lamb have gone up during the past decade. Therefore, the consumption of lamb and sheep has reduced in the domestic market. Now chicken is the most popular meat in the country.
The major reason for this increase in the prices of lamb is its export. Middle East, China, US, and European countries import it at high prices. It provides the Australian farmers with the opportunity to make huge profits.
Australia exports around 44% of its lamb production to other countries. It benefits the economy of the country. In terms of wealth per adult, Australia is the second richest country after Switzerland. The growing demand for lamb in international markets has played a vital role in making the country’s economy even stronger.