September 6, 2006

 

South Korea's beef import increases nearly 30 percent on-year

 

 

Australian beef exports to South Korea reached new heights in August, rising 30 percent as a combination of favourable factors conspired to push up exports, according to Meat & Livestock Australia.

 

South Korea imported 15,811 tonnes in August, 26 percent higher than the previous month and 29 percent above August 2005 levels.

 

Grainfed beef exports have increased in popularity, reaching a record 5,207 tonnes, up 63 percent on-year. Exports of chilled Australian beef to South Korea were also high, at 3,472 tonnes for the month, 57 percent above year ago levels.

 

The strong performance was due to increased demand for quality beef for the Korean Thanksgiving and the recent low stock level resulting from the continued delay of US beef re-entering the market.

 

Beef exports to South Korea during January to August 2006 surged by 36 percent compared with the same period in 2005. This included a 70 percent jump in grainfed beef exports (to 24,625 tonnes) and a 42 percent rise in shipments of chilled beef (to 16,845 tonnes).

 

Overall beef exports for Australian beef in August were 6 percent higher on-year, at 84,185 tonnes. However, taking into account figures for the first eight months of 2006, shipments were still down 2 percent on-year.

 

Among importing countries, exports to South Korea registered the greatest growth. Other countries which expanded their beef import include Russia and Japan. 

 

Russia imported 2,319 tonnes last month, compared to just 50 tonnes in the same period last year as limited supplies from the EU and South America have been unable to fill growing demand.

 

Exports to Japan grew 7 percent on-year to 32,469 tonnes. However, total for the month-to-date was still 7 percent below record levels seen in 2005.

 

Exports to the US were 14 percent lower than a year ago levels in August at 24,756 tonnes, as higher demand from Japan and South Korea reduced supplies available to the US.

 

Still, chilled beef exports to the US were nearly 40 percent higher in August on-year.