The Korea-US (KORUS) Free Trade Agreement came into effect this week (15 March), reducing Korea’s import tariff for US beef from 40%, to 37.33%.
Reportedly, trading companies have left US beef volumes at customs for some time, to wait for the announced tariff reduction to come into effect before importing. This could possibly lead to a rise in US beef volumes to the market in coming weeks. Industry sources also reported that some Korean retailers have recently conducted US beef promotions to clear stocks and have been strategic in their purchasing – eyeing reduced US beef items.
Average prices for the majority of imported beef cuts in the wholesale market were steady this week. Australian beef cuts in the market remain below price levels last year – with short ribs down approximately 10% year-on-year. High Australian beef stocks, solid overall market supplies and low consumer demand have contributed to the decline.
Source: newsroom - meattradenewsdaily.co.uk
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