August 29, 2011

Beef trade slows ahead of South Korea's Harvest Festival

The trading activity in the South Korea's wholesale market is somewhat inactive at the moment, as most Korean companies have finished their preparations for Chuseok (Harvest Festival) beef demand, according to reports.

Prices in the Korean wholesale market for the majority of imported beef cuts have steadied in the last few weeks.

Australian beef exports to Korea from August 1-22 totalled 7,779 tonnes swt, with chilled beef making up almost 33% (DAFF). Shipments this month are expected to be similar to volumes last August, with exports this calendar year to July already up 21% on-year.

Ahead of Chuseok, the Korean online auction company called "Auction" (acquired by eBay in 2001) surveyed 6,400 members, with 64% of respondents stating they would use imported products for the Chuseok memorial service this year (Chosun Ilbo). High inflation was mentioned as a reason to purchase mostly cheaper imported products this season.