Beef Imports Peak In August

KOREA - Preparations for Chuseok (Harvest Festival) helped to drive Korean beef imports for August to their highest monthly level since January 2003, totaling 31,611 tonnes swt (KITA), reports Meat and Livestock Australia (MLA).
calendar icon 28 September 2011
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Meat & Livestock Australia

MLA states that, during August, Korea imported 14,902 tonnes swt of Australian beef, making up 47 per cent of the total import volumes, with the US capturing 41 per cent on the imported market.

The volume of Australian beef in August jumped 19 per cent year-on-year, while US beef volumes increased 55 per cent for the same period. US beef has been rapidly gaining ground in the Korean beef market during 2011, assisted by the ability to supply large volumes of short rib (mainly frozen) and the weak US dollar.

New Zealand and Mexico made up 10 per cent and one per cent of the imported beef market, respectively, during August.

MLA states that total Korean beef imports for January to August are up 20 per cent year-on-year, or 33,310 tonnes swt - with short ribs accounting for about one third of the growth. Australia's imported market share for the period was 49 per cent, with total volumes for the eight months up 12 per cent year-on-year.

The US contributed 38 per cent of total imports, with volumes up 45 per cent year-on-year.

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