Slight increase in Aussie beef exports to South Korea
Australian beef exports to South Korea have increased 2% in the first 5 months of the year, compared with the same period a year ago, reaching 63,700 tonnes ship swt. South Korea remains the second-largest destination for beef, as the country has the highest per capita beef consumption rate in Asia: 13 kilograms per head.
"High cattle prices and tight supply in Australia will likely add pressure on trade in the short- to medium-term. However, the long-term outlook for Australian beef exports to Korea remains strong. A steady increase in per capita beef consumption, supply constraints in Korea, improving supply in Australia and Australian beef’s favourable position as a trusted, high-quality product all support this outlook," informs Meat and Livestock Australia in a press release.
Among imported beef, which accounts for about two-thirds of total beef consumption in Korea, Australian beef is considered the most superior meat favoured by many Korean families.
Nevertheless, a survey conducted in the first quarter of the year in the South Korean market reveals that 50% of consumers indicated that price has the greatest influence on their purchasing decisions. Still, MLA's analysts are expecting a slow recovery in the following months, as consumers are returning to restaurants or increasing outdoor activities including camping etc. Also, retail sales, including those online, are expected to experience slow growth in the coming months as food service recovers. However, this remains a short-term trend following on from a strong growth period so far this year.
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