Most of the Australian beef exporters and Korean beef importers and wholesalers reported this week that conditions in the Korean beef market had improved in the last few weeks – albeit from a very sluggish level in previous months.
Ahead of Chuseok (30 September) demand is slowly picking up, resulting in higher average prices for imported beef cuts in the Korean wholesale market.
However, it is expected that domestic beef will solidify its presence in the market in the next few weeks, primarily due to increased production and lower prices.
Lotte Mart, one of Korea’s major retailers, said that 57% of their beef sales from 1-15 August this year was Hanwoo (domestic), compared to 37% in the same time last year – increasing almost 26% year-on-year (Yonhap News).
The retail chain stated that this was the first time domestic beef sales outstripped imported beef in their stores during the lead up to Chuseok since 2007.
Lotte Mart also commented that 100 grams of Hanwoo sirloin was currently selling at KRW5,900 (A$4.94) - compared to KRW6,900 (A$6.07) the same time last year.
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