May 3, 2007

South Korea's Q1 beef imports surges to 42 percent

Increased shipments from Australia have propped up South Korea's beef imports to 42.7 per cent year-on-year, a state agricultural marketer said.

Beef imports pegged at US$267 million during the January-March period, an increase of 22.9 percent from yeargo's value of US$187 million to 62,841 tonnes, according to Korea Agro-Fisheries Trade Corporation.

Australian beef imports jumped to 48.3 percent to US$203 million due to the delay in resumption of US beef to South Korea, an official from the Agriculture Ministry said.

Second biggest exporter New Zealand also escalated its shipments to 32 percent to US$58 million, said the trade corporation.

The corporation also reported pork imports went up by 42 percent from year ago levels to US$239 million in the first quarter, with the import volume rising 21.9 percent to 92,230 tonnes.

Last week, Seoul has re-allowed US beef imports for the first time in more than three years and completed quarantined 6.4 tonnes of American beef which already hit Korean market shelves.

South Korean officials, in a deal reached in January 2006, agreed to the entire reopening of its market to US beef and beef products on a condition that imports be restricted to boneless products from cattle less than 30 months old.