Korean wholesale beef market reflects tough conditions
Korean traders last week reported difficult market conditions in the wholesale market due to currency fluctuations and food safety concerns among Korean consumers.
Wholesale prices for US product decreased last week due to low prices, low demand and increasing stock levels. Australian wholesale prices fluctuated due to volatile purchasing behaviour from Korean importers.
A survey (conducted in May) found that almost 70 percent of 42,000 Koreans interviewed (aged 15 years and older) reported that food safety was a bigger worry than national security. With the return of US beef to Korea and the resulting consumer protests, and the latest melamine incident in China, food safety remains an ongoing concern among Korean consumers.
In light of the continuing food safety concerns of Korean consumers, the positioning of Australian beef under the Hoju Chunjung Woo label (meaning Australian beef clean and safe) remains highly relevant.