Australia's beef exports show slight upturn in Korean market

Australia's beef export to South Korean has slightly increased this week due to the devaluation of Australian dollar against the won.

The Korean market however is still experiencing slow beef consumption and strong inflation, brought about by lower purchasing power and concerns on the safety of imported beef, especially after the resumption of US beef imports.

This has resulted in numerous family and smaller restaurants serving fewer customers. E-mart, one of the major Korean retailers stated that beef sales in July were down 24 percent on-year and imported beef sales were down 31 percent, according to JoongAng Daily.