Korea Up Beef Production, Australian Imports Fall
AUSTRALIA - Australian beef exporters this week reported a continuation of the slow trading conditions with Korea. Australia exported 39 per cent less beef to Korea in the first quarter of 2012 compared to the same period in 2011. Reflected in the reduced Australian shipments, total Korean beef imports are expected to fall back in 2012, accentuated by rising domestic cattle slaughter and beef production.
16 April 2012
1 minute read
The Korea Rural Economic Institute (KREI) said it expects domestic beef slaughter from March to May to increase 13.8 per cent year-on-year, following a 32 per cent year-on-year rise in January (February data not yet published).
The price for a Hanwoo carcase in the Korean wholesale market from January to the second week of April this year has remained relatively steady compared to the same period last year, when Korea battled foot-and-mouth disease outbreaks. However, prices in 2012 are 18% lower on the same time in 2010 (HJKM).
Hanwoo carcase prices increased marginally early in 2012, largely due to ongoing promotions in Korea’s retail discounters, but were unable to maintain the higher levels as overall meat demand eased. Korean news sources noted that Korean meat consumption has been unable to keep pace with available supplies so far in 2012, influenced by economic uncertainty and high overall consumer prices - even though rising beef, pork and chicken production has resulted in lower prices.
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