Lamb Meat Quota Act of 1981

Lamb Meat Quota Act of 1981 - Limits the aggregate quantity of lamb meat that may be imported into the United States after 1981 to the smaller of: (1) 31,000,000 pounds; or (2) 12 percent of the domestic slaughter of lamb during the preceding year.

Requires the Secretary of Agriculture to estimate quarterly whether the domestic price of lamb exceeds the parity price and, on the basis of such estimate, to adjust the aggregate quantity of lamb meat which may enter the United States. Requires the Secretary to estimate annually the quota established the domestic price of lamb, and any adjustment of the quota. Directs the Secretary to allocate such quotas among supplying countries on the basis of their share of the U.S. market.