July 20, 2009
Australia sees South Korea beef market improving
Beef market conditions in South Korea have improved with growing enquiries and better prices, as the Chuseok or Harvest Festival approaches, according to Australian beef exporters.
Prices of Australian short rib have increased in the Korean wholesale market. Many Korean importers also showed strong interests in Australian short rib and are stocking up the product to meet demand for beef gift sets. Meat & Livestock Australia (MLA) expects short rib prices to continue rising until mid-August.
Despite rising Australian beef exports to South Korea, the beef consumption there has remained sluggish due to the hot and humid summer. Chicken is the preferred meat in summer, with Korean discount retailers reporting strong sales. E-Mart reported that chicken sales rose four-fold this May compared to May 2008, and Lotte Mart saw chicken sales in May increased 66 percent on-year.
