Various Australian beef exporters reported on solid Korean beef demand in recent weeks due to reported shortages for certain products ahead of Chuseok (Harvest Festival) celebrations on 30 September. In August, Australian beef exports to Korea totaled 11,139 tonnes swt – a substantial rise compared to the average monthly export volume of less than 8,500 tonnes of beef in the first seven months this year (DAFF). Reportedly, the shipment of 6,358 tonnes swt of Australian beef to Korea in the first two weeks of September was boosted by last minute orders and importers securing product for post-Chuseok.
Korean beef imports in August were the highest monthly volume this year, at 26,798 tonnes swt – increasing 25% on the previous month, but still 15% below August 2011 (KITA). Imports of Australian beef reached 12,986 tonnes swt, with chilled beef making up 84% of total Korean chilled beef imports - 5% higher than the average percentage for the previous seven months. Australian chilled beef has been used for the preparations of Chuseok gift sets in the last few weeks, with short rib continuing to remain an item in high demand.
Source: Argentine Beef Packers S.A.
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