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Korean Wholesale Market Mirrors Economic Woes

27 October 2008
Meat & Livestock Australia

AUSTRALIA - This week, Korean traders reported difficult market conditions in the wholesale market. Beef demand has been declining due to the currency fluctuations between US$ and Korean won, and food safety concerns among Korean consumers.

According to Meat and Livestock Association, wholesale prices for US product decreased this week. Korean importers stated that some US product has been sold at low prices because of decreased beef demand and increasing stock levels. Australian wholesale prices fluctuated this week due to volatile purchasing behaviour from Korean importers.

A survey (conducted in May) found that almost 70% of 42,000 Koreans interviewed (aged 15 years and older) reported that food safety was a bigger worry than national security. With the return of US beef to Korea and the resulting consumer protests, and the latest melamine incident in China, food safety remains an ongoing concern among Korean consumers.

In light of the continuing food safety concerns of Korean consumers, the positioning of Australian beef under the Hoju Chunjung Woo label (meaning Australian beef clean and safe) remains highly relevant.

TheCattleSite News Desk


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