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Korean Beef Demand Expected to Increase

23 November 2009

AUSTRALIA - Australian beef exporters showed mild optimism regarding current Korean beef demand ahead of Lunar Year (to be celebrated on 14 February 2010).

Beef exports from Australia to Korea from 1-16 November totalled 5,415 tonnes swt, with chilled items accounting for 27 per cent. Korean wholesale prices for imported beef cuts remained steady or slightly improved this week.

Traders in Australia reported stronger interest from Korean beef importers for point end brisket, chuck roll, short rib and clod this week. According the Meat and Livestock Australia, the Korean wholesale price for clod strengthened due to a market shortage. Korea imported 5 per cent less clod between January and September compared with the same period in 2008. Australia fulfilled 74 per cent of total Korean clod demand in the year to date, but shipped 11 per cent less compared with last year.

Total Korean beef imports in Korea during October decreased 9 per cent on the previous month to 19,742 tonnes swt, but remained unchanged year-on-year. Australia improved its market share from 56 per cent in September to 59 per cent in October (11,730 tonnes swt), while supplying 92 per cent and 54 per cent of Korea’s chilled and frozen beef imports last month, respectively.

TheCattleSite News Desk



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