Korean Beef Demand Picks Up
SOUTH KOREA - Australian beef exporters reported this week that overall demand from Korean buyers had improved so far in March, especially compared to the first two months this year.
23 March 2012
1 minute read
Meat and Livestock Australia reported higher demand for Australian blade and clod this week due to low stock levels. Blade and clod exports from Australia in the first two months this year decreased 57 per cent and 47 per cent compared to the same months in 2011 and 2010.
Average prices for the majority of Australian beef cuts in the Korean wholesale market remained unchanged this week.
Korean beef import statistics confirmed the recent slowdown in the beef trade this year, as volumes in the first two months accumulated to 42,958 tonnes swt, down seven per cent year-on-year (KITA). The volume of Australian product dropped six per cent to 20,399 during the period to make up 47 per cent of total Korean beef imports. Import volumes of US and New Zealand beef decreased three per cent and 26 per cent to hold 40 per cent and 10 per cent market share, respectively, while imports of Mexican beef increased marginal to make up only two per cent of the market share.
Possibly contributing to a decrease in overall beef demand this year are reports on Korea’s economic slowdown, with forecasts for the economy to grow 3.3 per cent this year compared to 3.6 per cent last year.
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