Some Australian exporters reported that Korean demand for Australian beef has remained steady on previous weeks without rising interest for product ahead of Chuseok (Harvest Festival) that is celebrated in late September.
This week, average prices for Australian cuts in the Korean wholesale market were unchanged on last week due to low trading volumes, while US short rib prices were quoted below KRW10,000 per/kg (A$8.45 per/kg) for the first time since last year.
Korean beef imports in June only totalled 18,049 tonnes swt – decreasing 13% on May and 24% on June last year (KITA).
Import volumes were lower from all countries, except the US, as their volumes dropped significantly in May due to delayed imports by Korean customs last month.
From January to June, Korean beef imports dropped 15% year-on-year to reach 125,328 tonnes swt (84% frozen).
Market share in Korea’s imported beef market is divided between Australia (50%), US (37%), New Zealand (11%), Mexico (2%) and Canada.
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