Korean Beef Imports Drop 25 Per Cent in September25 October 2012
SOUTH KOREA - Statistics from the Korea International Trade Association (KITA) revealed that Korean beef imports during September decreased 25 per cent year-on-year and 17 per cent on the previous month.
For the first nine months of 2012, Korean beef imports were back 16 per cent on the same period in 2011, with chilled and frozen imports decreasing 16 per cent and 14 per cent, respectively.
The decline in Korean beef imports so far in 2012 has largely been due to slowing consumer beef demand, driven by economic uncertainty and rising competition from domestic beef. While imports of short ribs and briskets have remained relatively steady in 2012, volumes of chuck roll, blade and topside have decreased significantly year-on-year.
Australia’s share of Korea’s imported beef market remains unchanged at 50 per cent - supplying 79 per cent and 45 per cent of all chilled and frozen beef imports, respectively. The US market share has increased one per cent year-on-year, to 38 per cent, while New Zealand and Mexico hold 11 per cent and one per cent market share, respectively.