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Hesitant Start to 2012 from Korean Buyers

20 January 2012
Meat & Livestock Australia

AUSTRALIA & SOUTH KOREA - The majority of Australian beef exporters reported a hesitant start to the year from Korean buyers. Reportedly, sufficient stocks of imported beef and lower than anticipated beef sales ahead of Lunar Year had contributed to the subdued trading environment, reports Meat and Livestock Australia.

Korea will enjoy a public holiday period from 22 - 24 January, with the Lunar Year celebrated on 23 January. Most Koreans will visit and spend time with relatives around the country, with gift-giving part of the tradition. The beef gift-set is a popular item for celebrations, although sales are usually below the Chuseok (Harvest Festival) levels later in the year.

As MLA reported last week, Korean farmers are struggling with falling cattle prices and high production costs. Some Korean newspapers reported this week that major Korean hypermarkets and department stores heavily discounted Hanwoo (domestic) beef ahead of Lunar Year in an effort to support local beef consumption.

TheCattleSite News Desk



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