February 2, 2012

Australia gains 50% of South Korea's imported beef market for 2011

Australian beef dominates 50% market share of South Korea's imported beef market after the latter imported 152,721 tonnes of Australian beef in 2011. 

Total Korean beef imports for 2011 reached 307,613 tonnes - an increase of 18% year-on-year. Beef imports in Korea for 2011 were the third largest on record and only slightly behind the peak of 325,866 tonnes in 2003. Korea's growth in imported volumes for 2011 can be attributed to several factors, including the impact of foot-and-mouth disease (FMD) on local beef consumption and the overall growth in meat demand.

The US share of the Korean import market increased from 32% in 2010, to 37% in 2011, totalling 115,334 tonnes - supplying 41% of frozen beef and 21% of chilled beef. Frozen beef made up 92% of total Korean imports of US beef. Korean imports of New Zealand beef remained largely unchanged, totalling 34,323 tonnes and gaining 11% of market share in 2011, while Mexican beef made up 2% of total Korean beef imports.