Australian Lamb Exports to USA Surge 22% — US Domestic Supply at 50-Year Low

Australian lamb exports to the United States grew 22% YoY in Q3 2026, reaching 42,000 MT — the highest quarterly volume on record. US domestic sheep numbers are at 50-year lows. CIF price premium of Australian lamb over domestic US lamb narrowed to 8% vs. 25% in 2023.

The US lamb market is structurally import-dependent and shrinking in domestic supply. Australia is the primary beneficiary. The narrowing price premium signals US buyers are increasingly price-accepting — strengthening Australia's long-term market position.