Korean Beef Imports Strong
SOUTH KOREA - Korea has continued to import large volumes of beef in 2011, mainly due to its rapidly growing economy, which has seen consumers demand more beef as pork prices rise.
6 May 2011
1 minute read
Korean imports of beef totalled 72,210 tonnes swt in the first quarter of 2011, 19 per cnet higher than a year earlier (KITA) according to a report from Meat and Livestock Australia.
Beef imports from the US reportedly grew 40per cnet year-on-year, to 26,866 tonnes swt for the March quarter.
The popularity of US beef has been assisted by the low US$, which has helped to keep it very competitively priced.
However, there are reports that US beef still faces some resistance from consumers, largely related to food safety concerns.
Australian beef has also performed strongly during 2011 in Korea, with exports up 43 per cent year-on-year over the period January - April, to 50,515 tonnes swt (DAFF).
Australian beef continues to sell strongly, under-pinned by its clean, green and safe image, with shipments during April reaching 10,953 tonnes swt.
However, Korean beef inventories are reportedly approaching capacity, with many importers expected to ease buying activities in coming months
TheCattleSite News Desk
