April 9, 2010

Korea faces shortage despite rising beef imports from Australia

Korean traders in the wholesale market continue to report on beef shortages, though Australia's volumes to Korea have been on the rise.

Australian beef exports to Korea during March totalled 11,137 tonnes, up 49% on February this year and a 10% lift on the same month last year. Similarly, beef exports to Korea from January to March this year increased 8% compared with the same period last year.

While Australia's exports have been strong, the Korean market seems to have insufficient stocks of Australian short ribs, with the price for this item rising since the beginning of this year. Short rib supply from Australia to the Korean market fell 12% in the March quarter compared with the same period last year.

One of the cuts responsible for boosting Australia's supply to Korea has been blade, which has increased 33% on last year to 4,507 tonnes. Exports of other cut types including brisket, thick flank, thin flank and neck have also risen in the last three months on last year's volumes.