Average prices for imported beef cuts in the Korean wholesale market were mixed this week, with the average price of Australian clod remaining around KRW7,500 (A$6.31) per/kg – the highest price since early 2011 due to ongoing market shortages.
From January to July this year, Australian clod exports to Korea dropped 55% compared to the same time in 2011 (DAFF).
Korean beef traders commented that beef import volumes have been limited compared to previous years, as slow consumer demand continues to hinder trade.
The Korean Ministry of Strategy and Finance stated earlier this month that sales in the country’s department stores fell 0.9% in July year-on-year, following a 2% decrease in June on last year (Financial Times).
In discount retailers E-Mart, Lotte Mart and Homeplus, sales decreased 8.3% year-on-year – continuing a four month slump.
Reportedly, it was the first time since 2007 that sales at both high end and low end stores decreased for two consecutive months.
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