Latvia‘s Meat Prices Lag Behind EU Average in October
The average purchasing price of beef in Latvia during October 2024 was 376.6 euros per 100 kilograms, a significant 13.9% lower than the EU average of 437.37 euros. Similarly, the pork and lamb buying prices were 21.4% lower, at 419.8 euros and 421.22 euros respectively, compared to the EU averages of 533.93 euros and 535.96 euros.
Despite the lower prices, the average meat prices in Latvia have increased by 4.4% compared to the same period last year, while the EU prices have decreased by 0.6%. This discrepancy can be attributed to several factors, including production costs and supply chain dynamics.
EU Meat Production and Trade
cał polarity, the EU’s beef production increased by 3% in the first eight months of 2024 compared to the same period in 2023. However, Latvian beef production decreased by 2% in this period. Meanwhile, Poland witnessed a 22% increase, Cyprus 19%, and Italy 9%. In contrast, Greece and Hungary reported decreases of 10% and 9% respectively.
In박 news, the EU’s live animals and meat exports increased by 8% in the first seven months of 2024, reaching 585,800 tons, with a 6% increase in value to 2.8 billion euros. The UK remained the top export destination, although exports decreased by 3%. Notable increases were seen in exports to several countries, including Alzerid by 82%, the Philippines by 53%, Turkey by 41%, and Ghana by 7%. However, exports to Israel decreased by 27%.
Concurrently, the EU’s live animals and meat imports in the first seven months of 2024 decreased by 0.2% in volume and 0.5% in value compared to the same period in 2023. Imports from the US and Brazil decreased by 14% and 12% respectively, while imports from New Zealand, Australia, Urugus, Argentina, and the UK increased by 25%, 14%, 5%, 4%, and 0.3% respectively.
The meat industry’s performance and international trade dynamics will continue to shape the market, with both local and global influencers impacting prices and supply chains. As the market evolves, stakeholders will need to adapt to maintain competitiveness and sustainability.
