Economic Growth To Spur Korean Meat Demand
SOUTH KOREA - Demand for feed corn in South Korea, the world's third largest corn buyer, is expected to increase five per cent in 2010, as the continued economic recovery boosts meat consumption, according to Nonghyup Feed Inc.
2 July 2010
1 minute read
A spokesperson from Nongyup stated that Korean demand for livestock products is very sensitive to household incomes. It is expected that income improvements throughout the second half of 2010 will flow through to meat demand. The South Korean government revised its Gross Domestic Production (GDP) outlook for 2010 to 5.8 per cent - compared to five per cent earlier in the year, boosted by surging exports and strong domestic demand, reports Meat and Livestock Australia.
The rebuilding of Korea's cattle herd became increasingly evident early in 2010, with a eight per cent year-on-year rise in cattle numbers during the first quarter of the year, to 2.7 million head. Increased production in previous year, especially in 2008 and 2009, impacted the number of cattle available for slaughter in early 2010, with slaughter levels falling 12 per cent for the first four month of 2010. During the same period, Korean beef imports from Australia, US, New Zealand and Mexico increased by 16 per cent.
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