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Data Reveals US Beef Regains No. 1 Place in Korean Imported Beef Market

05 March 2018

SOUTH KOREA - US beef imports shot up significantly last year, beating Australian meat to regain its No. 1 status in the Korean market for the first time in 14 years, industry data showed Monday.

Korea imported 177,000 tons of US beef last year, up 13.5 per cent from 156,000 tons tallied in 2016, according to the figures provided by the Korea Rural Economic Institute.

The Korea Herald reports that beef imports from Australia decreased 3.95 per cent on-year to 172,600 tons last year, falling to second place in the foreign beef market in Asia's fourth-largest economy.

Australia had been the leading exporter of beef to Korea since 2004.

New Zealand came in third at 18,786 tons last year, down 16.5 per cent from the previous year, and Canada came in fourth at 5,200 tons, up 15.6 per cent.

The sharp rise in US beef imports is attributed to the free trade agreement between Korea and the United States that took effect in 2012.

US beef had been the most popular foreign beef in Korea up until 2003, after the country opened its beef market to foreign countries two years earlier.

The Seoul government, however, banned imports of US beef in 2003 after a mad cow disease outbreak was reported in the North American country.

As mad cow disease or bovine spongiform encephalopathy (BSE) subsided in the US, Korea resumed imports of boneless meat from US cattle aged less than 30 months in 2008.

BSE is a transmissible spongiform encephalopathy and fatal neurodegenerative disease in cattle that may be passed to humans who eat infected flesh.

With the Korea-US trade agreement that went into effect in March 2012, US beef imports have continued to rise on the back of lower tariffs and low prices compared with Korean beef products.

TheCattleSite News Desk



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