April 4, 2011

Australia sells huge beef volumes to South Korea

Australian beef exports to Korea from March 1-28 totalled 15,048 tonnes swt, with chilled beef making up 23% of the total.

Strong demand has resulted in large volumes of Australian beef to Korea in the quarter - expected to exceed 2010 first quarter volumes by around 60%.

However, some Australian exporters have reported that demand has been slow in recent weeks, with a slight improvement noted this week. As a result, it is expected that volumes from Australia to Korea may ease next month.

Korean wholesale prices for Australian beef improved slightly this week, following weeks of weaker prices for most imported beef cuts due to the strong import volumes (HKJM).

Reportedly, the ripple effect of the rising Australian dollar throughout the week, which reached a record of US$1.0373 contributed to strengthening market prices in Korea.