And the rise was driven by higher prices because the quantity was little changed from May last year.
“Lamb prices peaked in October last year and remain at high levels,” acting international statistics manager Dave Adair said.
“This is consistent with high lamb prices in the supermarket.”
Beef exports in February were also up on the same month last year, by $43m to $311m.
While both value and quantity of beef exports were up, the rise was mainly from increased quantities.
Overall meat exports reached a record $839m in February, up 11%, driven by the high lamb export values. The previous high of $827m for meat exports was in March 2015.
Lamb exports rose by $55m or 16% in value and by 9.9% in quantity.
Beef exporters were also up 16% in value and up 11% in volume.
But mutton sales were down $14m or 13% to $90m while the tonnage was down 18%.
There was also good news in the dairy sector with milk powder, butter and cheese, the largest commodity exports group, up $263m or 24% to $1.3 billion.
Milk powder led the rise, up $155m or 28% to reach $709m with a 23% increase in quantity.
The increase was quantity driven by a 23% rise in exports to China, which were up $87m.
Unsalted butter exports went up $40m or 27% with quantity up 55% and anhydrous milk fats were up $26m or 26% in value and 52% in quantity.
Preparations of milk, including infant formula, cereals, flour and starch were up by $78m or 89%.
In the forestry sector untreated log exports were up $76m or 29% to $343m while the quantity was up 20%.
Exports to China were up $304m or 32% for the month.
The rise in sales to China was led by meat and edible offal, up $91m, and by milk powder being up $87m.
Australian sales were up 2.1% or $14m to $685m.
Sales to the European Union were up 7.4% or $33m to $479m.
Despite Japan being a signatory to the Comprehensive and Progressive Trans Pacific Partnership exports to it were down 2.5% or $6m to $231m.
And the United States became a smaller customer were overall sales there down 3.4% or $16m to $452m. Beef sales to the US were down $17.4m.
Overall goods exports were up $371m or 8.3% to $4.8b compared with February last year.
The value of imports was also $4.8b leaving a trade surplus for the month of $12m.
