August 26, 2011

Korean beef imports soar 14% on-year

The total Korean beef imports for the month of July amounted to 24,665 tonnes swt, rising 14% on-year and 3% against June.

In the seven months to July 2011, beef imports were up 18% on-year, to 172,254 tonnes swt.

Statistics from Korea's Trade Association showed that beef imports during July from Australia increased 4% on-year, with frozen beef driving the growth. From January to July this year, imports of Australian chilled and frozen beef increased 16% and 9%, respectively, on the same time last year.

Australia supplied almost 80% and 44% of total Korean chilled and frozen beef imports - making it the dominant player in Korea's imported beef market. The US, New Zealand and Mexico supplied 37%, 12% and 1%, respectively, of all imported beef to Korea during the same period.