Australia has been accused of flooding global markets with cheap sheepmeat and causing a world-wide price crash. New Zealand meat authorities say cheap Aussie lamb and mutton is stealing their market share in key markets like China. Australia and New Zealand dominate the world's sheepmeat export trade. That country's Meat Industry Association said while sheepmeat export volumes grew by 17 per cent in October to 26,170 tonnes, the value fell by 6pc. MIA chief executive Sirma Karapeeva said Australian lamb was flooding the market and pushing down prices. "An increase in Australian production and exports is impacting global prices, after a period of flock rebuilding, Australia is now going through a liquidation phase, which has been exacerbated by dry conditions in parts of the country in recent months." The MIA also found: "Over recent months, Australia has seen high levels of meat production and exports as farmers de-stock in anticipation of expected dry conditions driven by El Nino." It's not just China but the UK where Kiwi sheepmeat has been squeezed out by Australia. The UK's Agriculture and Horticulture Development Board says volumes of imports from Australia have grown "following expansion of its sheep flock and access to tariff-free trade with the UK". "Prices in Australia remain very internationally competitive thanks to a record sized sheep flock," the UK board said. "Over recent months, Australia has seen high levels of meat production and exports as farmers de-stock in anticipation of expected dry conditions driven by El Nino." UK import data shows imports from Australia were just under 1200 tonnes for September, up by 270 tonnes in August. "We continue to monitor the levels of imports coming from Australia as the TRQ (tariff-free trade quotas) progresses," the Agriculture and Horticulture Development Board said. The board said sheepmeat volumes from the UK's largest supplier, New Zealand, have fallen from last year. Meat and Livestock Australia's export statistics from October show lamb exports fell 3pc from September but lifted 17pc year-on-year to 30,604 tonnes, while mutton exports lifted 23pc from September and 51pc year-on-year to 20,197 tonnes. Combined, the 50,801 tonnes of exported sheepmeat was the largest on record, and follows several record breaking months in 2023, the MLA said. North America was the largest export market for beef and lamb, while China was the largest export market for mutton. The MLA said total sheepmeat exports in 2023 are likely to exceed a record only set last year. Despite the El Nino, unexpected heavy rainfall across much of eastern Australia has seen a recent bounce in sheep saleyard prices.