Korean beef imports improve during October
Korean beef imports during October totaled 27,795 tons (up 12% year-on-year), assisted by improved imports of both chilled beef, at 3,528 tones (up 11%) and frozen beef, at 24,267 tons (up 13%) (on a customs cleared basis, Korean International Trade Association).
Imports from Australia during October were up 7% year-on-year, at 14,466 tons. This comprised of a 4% increase in chilled product, to 2,625 tons and an 8% rise in frozen beef, at 11,842 tons. Imports from the US during October increased to 10,806 tons (up 28% year-on-year) – the highest volume since January 2013. The volume of US chilled beef lifted 36% year-on-year, to 900 tons , with frozen product lifting 27%, at 9,907 tons.
While Australia’s market share during October was down 3% year-on-year, at 52%, Australia held 54% of the Korea’s imported beef market share for the year-to-October. In contrast, US market share during the first ten months of this year was 35% - down 2% year-on-year.
Short rib imports during October was up 7% year-on-year, at 9,843 tons, primarily assisted by a substantial (26%) year-on-year increase in supplies from the US, at 6,908 tons – the largest quantity since August 2010 (on a customs cleared basis, Quarantine and Inspection Agency). However, the total volume of US short rib imported for the first ten months are 9% lower than the corresponding period last year, at 48,356 tons.
With a greater volume of US short rib imported by Korea during October, the monthly volume of Australian short rib was down 9% year-on-year, at 2,433 tons. In contrast, imports of Australian chuck roll reached a record volume, at 4,042 tons, supplying 82% of Koreas chuck roll imports for October. Along with chuck roll, imports of Australian brisket registered the second highest volumes, at 2,148 tons, which represented 79% of total imports.
Michael Boddington from Asian Agribusiness Consulting (AAC) has been involved in agribusiness in Asia since 2000. AAC has office both in Vietnam Ho Chi Minh City and China Beijing. So AAC has a thorough understanding of the Viet Nam and China aqua industry and produces up-to-date research reports on the market. We can offer insights on supply and demand trends and comments on the future structure of Asian agribusiness. If you would like to know more please email michael@boddingtonconsulting.com
Source: http://www.mla.com.au/Prices-and-markets/Market-news/Korean-beef-imports-improve-during-October