November 2, 2012

Australia sees 20% rise for beef exports to Korea

Australia's beef exports to Korea reach 14,683 tonnes for October 2012, a 25% rise on the previous month and 20% on October 2011.

Korean beef importers reported that the kick in exports for the month can be largely attributed to specific cut shortages, uncertainty around US beef supplies and advanced preparations for Lunar Year celebrations on January 23 next year. Despite the recent lift, Australian beef exports to Korea from January to October this year remain 20% below the corresponding period in 2011.

Slow consumer demand has been the main reason for the reduced exports in 2012. The Korean government reported last week that the economy grew at 1.6% from July to September this year, the slowest pace in nearly three years, as the global economic slowdown impacted Korean exports and corporate investment.