July 7, 2010

US earns 31% of South Korean beef imports in Jan-May

US beef accounted for 31% of South Korea's beef imports in the first five months of 2010, as an outbreak of foot-and-mouth (FMD) disease led to weaker demand for locally produced meat, Korea Rural Economic Institute reported Tuesday (Jul 6).

Demand for cheaper imports was strong due to the FMD disease that hit South Korea twice this year and a rise in the price of premium hanwoo cattle beef produced in the country, the institute said.

In the five-month period, beef imports surged 15% on-year to 90,000 tonnes, it said.

Of the total, Australian beef accounted for around half of all imports, with US meat coming in second, followed by beef from New Zealand.

Seoul banned all US beef imports in late 2003 after a case of mad cow disease was reported. After long, drawn-out negotiations, the government effectively lifted most restrictions in late July 2008.

Before the 2003 ban, US beef accounted for 67% of all meat imported by South Korea.