THE 2014-15 financial year was a significant one for the Australian red meat industry, with the volume of beef and lamb produced, meat exports and live exports reaching their highest points ever – all against a backdrop of rising prices.

So how does this translate into overall industry value?

Meat & Livestock Australia estimates that the total off-farm value of the beef industry in 2014-15 was about $18.2 billion, up 20 percent compared to the previous financial year. That includes the total value of the domestic market, meat exports and live exports.

MLA broke this down as follows:

• Record turnoff and fierce international demand for Australian beef saw export values lift 41pc year-on-year, to just over $9 billion (ABS/GTA data)
• The value of live cattle exports increased 29pc on the previous financial year, to $1.4 billion (ABS data)
• The domestic retail value of beef was relatively stable in 2014-15, at $7.8 billion (up 1.8pc), (MLA estimate).

The total off-farm value of the sheepmeat industry in 2014-15 was approximately $5 billion, up 13pc year-on-year.

Again, high slaughter and strong demand saw lamb export values increase 15pc year-on-year, to $1.8 billion, while mutton export values lifted 7pc, to $826 million (ABS/GTA data).

The value of live sheep exports was up 32pc on the previous financial year, to $244 million (ABS data).

The domestic retail value of lamb was up 10pc, to approximately $2 billion. While the retail value of mutton lifted significantly year-on-year (26pc), overall it remained only a small proportion of total value, at $71 million (MLA estimate).

Adding further value to the supply chain last year, the combined value of Australian co-product exports (hides, skins, offal and rendered product) exports was $2.4 billion, up 4pc year-on-year, driven by higher kills and assisted by the weaker A$.

Source: MLA