South Korean pork imports to rebound over H2 2021
South Korea reduced pork imports by 5% for the first 4 months of the year but the demand is expected to increase due to multiple factors. The volume reached 148,000 tonnes, with main suppliers such as Spain, Denmark and the Netherlands increasing their market share after the ban placed last year on German pork. US pork exports to South Korea have dropped 18% compared with the same period last year.
USDA foresees a 3% drop in domestic pig production, as many farmers have liquidated their sows in the second half of 2020. At the same time, USDA expects a 16% growth in South Korean pork imports for the rest of the year.
This is partly due to lower production, but also likely due to an anticipated rise in consumption out-of-home in 2021 as COVID-19 restrictions are eased. At the same time, ASF cases may resurge in commercial farms, with another outbreak reported by the industry on a pig farm in Gangwon Province. This is the first ASF case in South Korea's domestic pig population in the last 7 months.
Australian beef exports to South Korea have increased 2% in the first 5 months of the year, compa...