August 31, 2010

Australian beef imports to Korea bounce back

Australian beef exports to Korea totalled 5,592 tonnes swt in August 1-16, 2010, slightly rebounding with 27% chilled beef.

This segment represented only around 25% of total exports in the last three months.

Prices for imported beef cuts in the Korean wholesale market remain steady, as Korean retailers and foodservice outlets prepare for the peak demand season ahead of Chuseok (Harvest Festival).

Korean department stores are ready to receive orders for Chuseok gift sets from August 20 to September 5 this year (Kukmin Ilbo). Lotte department stores
will provide meat and fruit sets at a 5% discounted price, while the Hyundai department store will provide meat, fruit and wine sets at a 5-40% discounted price.

In addition to retail, the majority of five-star hotels are also launching their Hanwoo (domestic), Australian and US beef gift sets. The Imperial Palace Hotel in Seoul offers its "First Class Gift Set" that includes Korean assorted beef cuts, such as rib eye, tenderloin and brisket and Australian premium rib eye and tenderloin along several seafood items.