November 20, 2007

South Korea, third largest market for US beef

South Korea is the third largest US beef importer in September amid ongoing negotiations with the United States on the issue of US beef rib importation.

According to the data issued by the US Meat Export Federation (USMEF) and the United States Department of Agriculture (USDA) on November 19, South Korea imported 6,076 tonnes of US beef valued at US$33.453 million in September, prior to the rejection of US beef shipments which contain bone fragment.

Canada was the biggest importer (US$52.669 million, 11,199 tonnes), followed by Mexico (US$50.809 million, 13,621 tonnes). Korea's imports were 77 percent larger than Japan, another major Asian market with US$18.930 million (3,855 tonnes).

In terms of cumulative imports for the year 2007 until September, Korea (US$106.506 million) was placed fourth after Japan (US$174.157 million).

Korea is seen to surpass Japan in cumulative imports as well despite the late entry of US beef which began in April this year.

Though the US beef imports are below one tenth of the 2003 quantity (250,000 tonnes) before pre-mad cow disease ban, South Korea has become a major market for US beef exports again in less than five months after import resumption.

Korea had been one of top three US beef import markets along with Japan and Mexico during the 2000-2003 period, accounting for 20 percent of total US beef exports.