September 20, 2010

Korea's September beef imports remain firm

Australian beef exports to Korea from September 1-13 this year totalled 3,800 tonnes swt, with prices for most imported beef cuts remained strong despite the traditional slow wholesale activity ahead of the Chuseok holiday period (September 21-23).

It is expected that beef exports to the Korean market will be subdued this month compared with volumes in previous months due to Australia's supply constraints.

While Korean beef importers have been importing beef in the last few weeks in anticipation of low stock levels after Chuseok, beef sales by Korean retailers ahead of the annual harvest Festival will influence purchasing behaviour until the end of the year. 

Dramatic increase in corporate clients' spending amid Korea's favourable economic conditions has prompted E-Mart, Korea's largest discount retailer, to sell 90 out of 100 domestic beef sets early this week.