June 24, 2011

Australian beef exports to South Korea remain firm

Australian export volumes of beef to South Korea have strengthened in the past week, with the total for the month likely to be around the five-year average, after a slow start to the month.

According to the Australian Department of Agriculture, Fisheries, and Forestry (DAFF), Australian beef exports to Korea in June this year totalled 7,337 tonnes swt, with chilled beef making up almost 28%.

Due to Korea's strong beef imports in 2011, the industry expressed uncertainty this week regarding the traditional spike in demand from Korean buyers ahead of Chuseok (Harvest Festival), with already high inventory levels.

The Korean wholesale market remained subdued this week, with relatively slow trading activity and average prices for most imported beef cuts. However, overall price levels remain well above last year.