US beef slowly penetrates into South Korea's market
Since Korea partially lifted the ban on US beef on 26 June this year, almost 20,000 tonnes swt of US beef have passed through South Korea's quarantine inspection.
A total of 12,300 tonnes swt were new shipments, with the rest awaiting clearance at South Korean ports since last year.
From July to September this year, Australia's market share of the imported beef market in Korea dropped from 69 percent to 64 percent. New Zealand experienced a decrease in its market share from 25 percent to 22 percent. In contrast, the market share for US beef increased from 4 percent to 13 percent in that same period, while Mexico's market share remained the same.
In terms of frozen product, Australia predominantly supplied Korean importers in September with short ribs, cube roll and blade with a 58 percent market share of frozen beef imports, whereas the market share for US frozen beef was 16 percent. Australia remained the dominant imported supplier of chilled beef in Korea, maintaining a 93 percent market share.